SM Prime nets P2.857 billion in 1999

March 22, 2000PSE CIRCULAR FOR BROKERS NO. 740-00SM Prime nets P2.857 billion in 1999SM Prime Holdings, Inc., the Philippines' blue-chip company focused on shopping mall chain ownership, development and operation, posted a net income of P2.857 billion in 1999, compared to P2.719 billion in 1998. This growth was borne out of revenues of P5.4 billion in 1999 which grew 7% from P5.0 billion in 1998. Of total revenues, rental revenues showed a noteworthy increase of 13% from P3.7 billion to P4.2 billion. Income from operations increased by 14% to P3.5 billion in 1999 from the previous year's P3.0 billion.The company achieved these positive results in the face of the lingering effects of the Asian financial crisis and the country's economic difficulties. For this, SM Prime was once again named in 1999 "The Best Managed Company of the Philippines," by Euromoney, the UK-based publication and acknowledged journal of the world's capital and money markets, in its latest survey on Asia's Best Companies (December 1999). SM Prime was also named " The Best Philippine Company in Overall...