SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, reported a 9 percent improvement in consolidated net income to P15.6 billion in the first nine months of 2021 from P14.4 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenue recorded P56.8 billion, 6 percent lower from P60.7 billion in the same period being reviewed.
“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,” said SM Prime President Jeffrey C. Lim.
He added that, “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 Holidays Season.”
SM Prime’s residential business, led by SMDC, accounted for 56 percent of the Company’s consolidated revenues amounting to P32.1 billion in the first nine months of 2021, 6 percent lower from last year’s P34.2 billion.
However, SMDC’s reservation sales has reached P76.3 billion in the first three quarters of 2021, 14 percent higher from P66.7 billion in the same period last year.
“The strengthened online presence and continuous construction of SMDC projects boost the Company’s sales take-up in the first nine months of 2021,” SM Prime said.
SM Prime’s Philippine mall business, which accounts for 28 percent of the Company’s consolidated revenues, recorded P15.8 billion revenue in the first three quarters of 2021, 14 percent lower from last year’s P18.3 billion.
“The reimplementation of stricter community quarantine in August 2021 has affected the operation of the Company’s local mall business, limiting the operation of non-essential shops in accordance to the IATF guidelines,” the firm said.
Meanwhile, SM Prime’s China mall business has reported a 28 percent increase in revenue to RMB0.59 billion in the first nine months of 2021 from RMB0.46 in the same period last year.
SM Prime’s commercial properties business reported P3.8 billion revenue in the first three quarters of the year, slightly higher from the comparative period last year.
The Company’s hotels and convention centers business segment registered P0.9 billion revenue for the first nine months of 2021.
“As the country continues to survive the pandemic, SM Prime will remain optimistic by providing support to the government as well as convenience, services and entertainment to its customers,” Lim said.
Source: Manila Bulletin (https://mb.com.ph/2021/11/08/sm-prime-profits-rise-to-p15-6-b/?utm_source=rss&utm_medium=rss&utm_campaign=sm-prime-profits-rise-to-p15-6-b)
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