SM Prime Holdings Inc. posted a first-quarter net income of P11.66 billion this year. This was largely flat from the year-ago P11.65 billion, as higher costs offset modest revenue growth.
In a disclosure on Tuesday, the Sy family-led property giant said its total revenues rose 2 percent to P33.3 billion.
This was attributed to higher rental income and other revenues that cushioned weaker real estate sales.
Rental income climbed 8 percent to P21.6 billion on improved mall and office occupancy. Other revenues grew 11 percent to P3.9 billion.
Real estate sales declined 16 percent to P7.8 billion due to slower revenue recognition and cancellations impacting booked results.
Costs and expenses increased 3 percent to P16.6 billion. This was mainly from higher depreciation and amortization charges and fixed overhead costs.
Malls remained the largest contributor, accounting for 61 percent of revenues at P20.4 billion, up 8 percent.
The residential segment contributed P8.3 billion, down 14 percent. Hotels and convention centers rose 8 percent to P2.2 billion.
Office revenues grew 10 percent to P2.5 billion on the back of improved occupancy across its portfolio.