SM Prime's net income drops 53% to P18B

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SM PRIME Holdings Inc. has reported an P18 billion consolidated net income in 2020, compared to P38.1 billion in 2019.

Consolidated revenues were at P81.9 billion in 2020, compared to P118.3 billion in 2019, the firm told the local bourse Monday, Feb. 15. In 2020, SM Prime’s Philippine mall business reported P23.6 billion in revenues, compared to P57.8 billion in 2019.

Local malls’ rent income was P21.8 billion in 2020, 55 percent down from the P48.4 billion it generated in 2019. Its residential business saw a six percent revenue increase in 2020 to P46.5 billion from P43.7 billion in the previous year while its hotels and convention centers business segment recorded P1.6 billion revenues for the year 2020 compared to P5.1 billion in 2019. (PR)