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SM Prime reports 53% income fall to P18B

SM PRIME Holdings, Inc. recorded a 52.8% decline in net income to P18 billion in 2020, with its mall business segment posting a double-digit fall in revenues, a press release from the Sy-led firm showed.

Consolidated revenues added up to P81.9 billion, down 30.8% from P118.3 billion in the previous year.

SM Prime’s mall business took the biggest hit — slowing by 59.2% to P23.6 billion in revenues from P57.8 billion in 2019.

Revenues of the holding firm’s residential business went up by 6.4%, while commercial properties recorded a 4.3% increase.

In a disclosure to the exchange on Monday, SM Prime said its local malls earned P21.8 billion last year, a 55% decrease from the P48.4 billion recorded the previous year.

Regions in the Philippines went under several lockdowns last year in an attempt to curb the spread of the coronavirus disease 2019 (COVID-19). Malls were either closed or were operating at a limited capacity as the government restricted the public’s movement.

Restrictions were eased in the second half of the year, in an attempt to gradually reopen the economy.

“We encourage our fellow Filipino to keep supporting our local businesses while practicing safety protocols at all times,” SM Prime President Jeffrey C. Lim said in a statement.

The company’s residential business revenues reached P46.5 billion last year despite the health crisis, a 6.4% increase from the P43.7 billion recorded in the previous year.

Operating income grew by 15.9% to P19.7 billion from P17 billion. Reservation sales amounted to P99 billion last year, up by 10% after previously recording P90 billion.

Commercial properties saw its business operating income grow to P3.9 billion from P3.8 billion. Revenues from hotels and convention centers slowed by 68.6% to P1.6 billion from P5.1 billion.

SM Prime expanded its mall services in Mindanao by opening SM City Butuan and SM City Mindoro in the last quarter of 2020. The company also opened to the public its Olongapo City Convention Center in Zambales.

The company is collaborating with the Philippine Red Cross by offering spaces for the agency’s COVID-19 saliva transcription-polymerase chain reaction (RT-PCR) testing. SM Megamall and SM Mall of Asia host testing sites to help the government in its campaign to ease the health crisis.

The SM Mall of Asia Arena in Pasay City acts as a swabbing facility for frontliners and travelers arriving in Metro Manila.

“SM Prime remains committed in its effort to support the national government and other organizations to contain and combat the spread of COVID-19 in the country,” Mr. Lim said.

“As our core businesses slowly recover from the contraction brought about by community quarantines, 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 added.

On Monday, SM Prime shares at the stock exchange declined by 1.21% to close at P36.75 apiece. — Keren Concepcion G. Valmonte

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