Property

SM Prime earnings halved by pandemic fallout

SM Prime Holdings Inc. said net profit fell 52.7 percent to P18 billion last year as it wrestled with the impact of the pandemic.

Consolidated revenues declined by 30.8 percent to P81.9 billion as revenues from mall operations dwindled to P23.6 billion from P57.8 billion. Shopping malls’ rental income plunged by 55 percent to P21.8 billion.

SM Prime’s residential business, led by SM Development Corp. (SMDC), meanwhile, saw a six percent rise in revenues to P46.5 billion. Operating income, likewise, grew by 16 percent to P19.7 billion.

Reservation sales climbed by 10%, boosting total sales take-up to P99 billion.

The commercial properties business segment, meanwhile, grew its revenues to P4.8 billion as operating income amounted to P3.9 billion.

The hotels and convention centers business, on the other hand, saw revenues plummet to P1.6 billion from P5.1 billion.

“We are optimistic, that together as one, we will all rise from this challenge and look forward to a better year. We encourage our fellow Filipinos to keep supporting our local businesses while practicing safety protocols at all times,” said Jeffrey C. Lim, president of SM Prime.

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