SM malls’ revenue down 57% in 9 months

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SM PRIME has reported P14.4 billion consolidated net income in the first nine months of 2020, down by 48 percent from P27.6 billion in the same period last year. Consolidated revenue reached P60.7 billion, 29 percent lower from P85 billion in the same period in 2019.

In the first nine months of 2020, SM Prime’s Philippine mall business registered P18.3 billion revenue, 57 percent lower from last year’s P42 billion.

Local malls’ rental income recorded P16.8 billion, 52 percent lower from P35.1 billion in the same period last year.

SM Prime’s residential business, led by SM Development Corp. (SMDC), meanwhile, recorded a seven percent increase in revenue in the first nine months of 2020 to P34.2 billion from P31.9 billion in the same period last year.

Operating income, likewise, increased by 13 percent to P14.1 billion from P12.5 billion. SMDC’s reservation sales reached P66.7 billion in the first three quarters of 2020, slightly higher from last year’s P66.4 billion. (PR)