SM Prime consolidated net income up 9 percent to P15.6 billion in Jan-Sept

ABS-CBN News

Posted at Nov 08 2021 04:48 PM

People take pictures with the Christmas installations at SM BF in Parañaque City on November 6, 2021. Several Filipinos went out on the first weekend since restrictions were eased down to alert level 2, allowing all ages inside malls and public places. George Calvelo, ABS-CBN News
People take pictures with the Christmas installations at SM BF in Parañaque City on November 6, 2021. Several Filipinos went out on the first weekend since restrictions were eased down to alert level 2, allowing all ages inside malls and public places. George Calvelo, ABS-CBN News

MANILA - SM Prime Holdings said Monday it posted a consolidated net income of P15.6 billion in the first 9 months of the year.

The total is 9 percent higher compared to the P14.4 billion in the same period last year, the Sy-led group said in a disclosure to the stock exchange. 

Consolidated net revenue at P56.8 billion is 6 percent lower compared to P60.7 billion in the same comparable period, it said. 

"SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders," its president Jeffrey Lim said. 

"This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities, where thousands of our partner-tenants can showcase their products and services this coming holiday season," he added.

Led by SMDC, its residential business accounts for 56 percent of its consolidated revenues for the period registering P32.1 billion, 6 percent lower compared to last year, SM Prime said. 

Reservation sales reached P76.3 billion in the first 3 quarters, up 14 percent from P66.7 billion in the same period last year, it said. 

Its mall business, which accounts for 28 percent of consolidated revenues, recorded P15.8 billion revenue in the first 9 months of the year, lower by 14 percent compared to the same period last year, SM Prime said. 

The numbers reflect the lockdown imposed in August due to the surge in COVID-19 cases caused by the new Delta variant, the company said.

SM Prime said revenues of its China mall business rose 28 percent in the first 9 months of the year. 

Consumers are beginning to head back to malls after Metro Manila was placed under the looser Alert Level 2, with children allowed to enter more parks and facilities. 

Businesses are hopeful in recouping losses in the fourth quarter driven by holiday spending.

RELATED VIDEO: 

Watch more on iWantTFC