SM Prime books P11.6-B net income in first half, up 12 percent

ABS-CBN News

Posted at Aug 02 2021 03:42 PM

MANILA - SM Prime Holdings Inc reported a consolidated net income of P11.6 billion in the first six months of 2021, up 12 percent from P10.4 billion in the first half of 2020. 

SM Prime said this was on the back of improvement in its second quarter net income to P5.2 billion from P2.1 billion in the same period last year. 

"The reported improvement is due to the continued positive performance of the Company’s residential business in the first half of 2021, as well as the Company’s malls business in the second quarter of the year in spite of the effect of the reimplementation of stricter community quarantine from March to May 2021 in key areas such as Metro Manila and nearby provinces," the company said. 

Last year, SM Prime's income was nearly halved as lockdowns imposed to check the spread of COVID-19 disrupted mall operations.

“In these challenging times, we are committed more in providing a safe environment to all our stakeholders by strict observance of health and safety protocols across all our developments. Along with this commitment is our initiative to support the national government’s vaccination program in our malls nationwide as well as providing free inoculation to thousands of our employees,” SM Prime President Jeffrey Lim said.

SM Prime said its residential business accounted for 60 percent of the company's consolidated revenues, while its Philippine malls business accounted for 26 percent. 

"The malls business reported P10.7 billion revenues from January to June of 2021 as compared to P14.4 billion in the first six months of 2020. The reimplementation of Enhanced Community Quarantine (ECQ) in the Metro Manila, Bulacan, Cavite, Laguna, and Rizal (NCR-plus Bubble) from March to May 2021 has caused lower mall activities in the mentioned areas," SM Prime said.

The company’s China malls recorded a 48 percent growth in revenues to P3 billion in the first half from P2 billion in the same period last year. 

SM Prime said its other business segments, which include offices and hotels, and convention centers, contributed P3.1 billion to the company’s consolidated revenues. 

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