SM Prime income drops 52% in 2020

MANILA, Philippines — Property giant SM Prime Holdings reported a consolidated net income of P18 billion last year, down 52 percent from P38.1 billion posted in 2019.

SM Prime president Jeffrey Lim said the company’s core businesses are slowly recovering from the contraction brought about by community quarantines which were imposed since last year as a result of the COVID-19 global health pandemic.

“Our company will continue providing avenues that will further enhance and facilitate these collective efforts with various organizations while sustaining our assistance to our employees, business partners and the communities we serve,” he said.

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SM Prime raked in consolidated revenues of P81.9 billion last year, 30 percent less than P118.3 billion in 2019.

Among the different business segments, its flagship mall business reported P23.6 billion in revenues, down 59 percent as compared to P57.8 billion in 2019, while its residential business led by SM Development Corp. (SMDC) posted a six percent revenue increase to P46.5 billion from P43.7 billion the previous year.

The commercial properties business segment generated P4.8 billion in revenues, up slightly from the previous year’s P4.6 billion.

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Meanwhile, the company’s hotels and convention centers business segment recorded P1.6 billion revenues for the year as compared to P5.1 billion in 2019.

Lim said the company is optimistic that 2021 would be a better year.

“We are optimistic that, together as one, we will all rise from this challenge and look forward to a better year. We encourage our fellow Filipinos to keep supporting our local businesses while practicing safety protocols at all times,” he said.

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Article and Photo originally posted by Philippine Star last February 17, 2021 12:00am and written by Iris Gonzales.

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