SM Prime net income down 48%

MANILA, Philippines — SM Prime Holdings Inc., (SMPH) one of the leading integrated property developers in Southeast Asia, reported a consolidated net income of P14.4 billion in the nine months to September, down 48 percent, as mall operations were affected in the early part of the quarantine.

In the same period last year, the company churned in P27.6 billion.

Consolidated revenue reached P60.7 billion, down 29 percent from P85 billion a year ago.

SM Prime’s Philippine mall business alone saw a steep drop in revenue to P18.3 billion, down 57 percent from last year’s P42 billion.

Local malls’ rental income stood at P16.8 billion, 52 percent lower compared to P35.1 billion in the same period last year.

SM Prime’s residential business, led by SM Development Corp. (SMDC), on the other hand, recorded a seven percent increase in revenue during the period to P34.2 billion from P31.9 billion a year ago. Operating income, likewise, increased 13 percent to P14.1 billion from P12.5 billion a year ago.