Integrated property developer SM Prime Holdings Inc. grew its net income by nine percent in the first nine months to P15.6 billion on higher reservation sales.
Consolidated revenue, however, declined by six percent to P56.8 billion as the group’s shopping malls continued to enjoy low foot traffic amid the pandemic.
“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders. This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities, where thousands of our partner-tenants can showcase their products and services this coming Holidays Season,” said Jeffrey C. Lim, SM Prime president.
The residential business, led by SMDC, accounted for 56% or P32.1 billion of SM Prime’s consolidated revenues, down six percent from last year’s P34.2 billion.
SMDC’s reservation sales, however, grew 14 percent to P76.3 billion in the first nine months due to strengthened online presence and continuous construction of projects.
Revenues from the shopping mall business declined by 14 percent to P15.8 billion, weighed down by the reimplementation of stricter community quarantine in August.
The China mall business likewise saw revenue jump by 28 percent to P4.6 billion.
Meanwhile, revenues from the hotels and convention centers business reached P900 million.
“As the country continues to survive the pandemic, SM Prime will remain optimistic by providing support to the government as well as convenience, services and entertainment to its customers,” Lim said.
SOURCE: Bilyonaryo
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