SM Prime 2020 income slumps 53% to P18 billion


SM Prime Holdings Inc. (SM Prime) reported an P18-billion consolidated net income in 2020 from P38.1 billion the previous year, or a decline of 53 percent, apparently from the effects of the coronavirus disease 2019 (Covid-19).


In a statement Monday, SM Prime said its consolidated revenues also reached P81.9 billion last year as compared to P118.3 billion in 2019.


“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. 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,” SM Prime president Jeffery Lim said.


In 2020, SM Prime’s Philippine mall business reported P23.6 billion revenues, as compared to P57.8 billion the previous year.


Its residential business, led by SM Development Corp. (SMDC), posted a 6-percent revenue increase last year to P46.5 billion from P43.7 billion in 2019.


The commercial properties business segment reported P4.8 billion revenues in 2020 from the previous year’s P4.6 billion.


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


“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 Filipino to keep supporting our local businesses while practicing safety protocols at all times,” Lim added.


SM Prime’s recent partnership with the Philippine Red Cross (PRC) to provide specimen sites for its saliva transcription-polymerase chain reaction (RT-PCR) testing, which are currently available at SM Mega Mall and SM Mall of Asia, aims to further boost the government’s campaign against the Covid-19.


Meanwhile, Mall of Asia Arena in Pasay City continues to be a mega swabbing facility to cater to front-liners and travelers coming into Metro Manila.

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