Thursday, 24 September 2009

SM Prime sees 9% hike in 2009 income

Jennifer A. Ng
Business Mirror

LISTED SM Prime Holdings Inc. expects its net income to grow by 8 percent to 9 percent this year, according to company president Hans Sy.

“We’re targeting [earnings to be] the same or a little better—maybe about 8 percent to 9 percent for the whole year,” said Sy, at the sidelines of the kickoff ceremonies of the Green Film Festival at SM North Edsa in Quezon City.

Last year, SM Prime’s net income went up by 7 percent to P6.4 billion, from P6 billion recorded in 2007.

Unlike companies belonging to other industries, Sy said SM Prime is not feeling the pinch of the global financial crisis. The company is even banking on its China operations to boost the company’s net income growth.

He said the company is opening another mall in China. At present, there are three SM malls operating in the cities of Xiamen and Jinjiang in southern China and Chengdu in central China.

“Shopping centers is one area that will do well in China because there are second-, third-tiered cities that do not have shopping malls,” said Sy.

Meanwhile, the SM Prime chief said the company has not put on hold its P12-billion expansion plan despite slower domestic consumer spending.

The shopping mall developer and operator is also continuing its environmental initiatives and other environment-friendly practices in its daily operations.

Yesterday, SM Prime launched the country’s first Green Film Festival at the Block Cinema in SM North Mall. The festival was staged in partnership with the French Embassy and Japan Foundation.

SM North will hold the event for one week and then will be transferred to SM Megamall next week, and then to SM Mall of Asia in Pasay City.

The Green Film Festival includes a collection of films and documentaries that showcase the urgency of addressing global climate change and how people can help in mitigating global warming.

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