Integrated property developer SM Prime Holdings Inc. delivered a strong performance last year with its net income growing 21 percent to P21.8 billion on higher contributions from the mall business.
Consolidated revenues reached P82.3 billion, almost the same level as 2020.
The residential business under SM Development Corp. (SMDC) still accounted for the bulk of SM Prime’s total revenues at P45.9 billon, lower than its previous year’s contribution as sales take-up slightly declined to P98.9 billion.
Revenues from the mall business amounted to P24.1 billion, up 2.1 percent from the previous year amid the easing of mobility restrictions in most parts of the country in November. Rent income improved by six percent to P23 billion.
Overseas, SM Prime’s mall operations in China booked a net income of RMB 0.2 billion, up 154 percent as revenues jumped 20 percent to RMB 800 million as businesses quickly returned to normalcy after containing the coronavirus.
Meanwhile, revenues from offices, hotels, and convention centers, remained resilient at P6.6 billion or four percent higher than the previous year.
“As we begin to see the result of joint effort by the government and private organizations to manage the pandemic, SM Prime is set to pursue business expansions with broader funding options available locally and internationally. We will continue to work with the government in helping the nation rebound form the challenges in the past two years,” said Jeffrey C. Lim, SM Prime president.
SOURCE: Bilyonaryo
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