SM Prime posts 24% net income growth in first half

August 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1848-98 SM Prime posts 24% net income growth in first half SM Prime Holdings, Inc., the mall development company headed by business tycoon Henry Sy, posted a net income of P1.289 billion for the six months ended June 30, 1998, an increase of 24% from last year's P1.037 billion. Revenues grew by 27% to P2.565 billion from the previous year's P2.022 billion. The country's leading and largest chain of shopping mall complexes continues to enjoy brisk business even in the face of the Asian financial crisis as cost-conscious shoppers go for more of basic and value-priced goods and services. SM Prime had opened its sixth and seventh malls in densely populated areas last year SM Bacoor in Cavite in July 1997 and SM in Quezon City in October 1997. It is currently constructing malls on two of its ten strategically located properties in its land bank one in the heart of Manila and another in Iloilo. LLphil The company was named early this year as the Philippines Best Managed Company by Asiamoney , a prestigious business publication in Hongkong, and later this year, one of Asia's Strongest Companies by Finance Asia , another widely circulated Hongkong publication. Very recently it was named one of only four all-weather stocks that can keep investors money safe in Southeast Asia and the only one from the Philippines, by Time magazine.