SUMMARY
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With the Philippines struggling to contain COVID-19 infections, leading mall developer and operator SM Prime reported a P14.4-billion consolidated net income in the first 9 months of the year, 48% lower than the P27.6 billion it earned last year.
Consolidated revenues reached P60.7 billion, 29% lower than the P85 billion in the same period in 2019.
SM Prime president Jeffrey Lim noted that their malls “showed slight recovery” after the government allowed more industries to reopen in the 3rd quarter.
SM Prime’s core mall business posted P18.3 billion in revenues or a 57% drop, as rental income plunged 52%.
Its residential business, led by SM Development Corporation, reported a 7% increase in revenues from January to September, while reservation sales stayed flat.
Shares of SM Prime went down by 0.9% on Monday. – Rappler.com
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