SM Prime income dips in 2020 as core businesses reel from pandemic restrictions
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Metro Manila (CNN Philippines, February 15) SM Prime Holdings Inc. earned less in 2020 as its main businesses gradually recuperate from restrictions to public mobility in light of the pandemic.
The integrated property developer disclosed to the local bourse its consolidated net income of ₱18 billion last year, less than half of its earnings of ₱38.1 billion in 2019.
SM’s mall business reported ₱23.6 billion in revenues this 2020, down from the ₱57.8 billion recorded the year prior. The rent income of these malls, meanwhile, hit ₱21.8 billion, also smaller than the ₱48.4 billion in 2019.