BusinessWorld May 4, 2021 | 12:09 am BW FILE PHOTO SM Prime Holdings, Inc. on Monday reported a consolidated net income of P6.5 billion for the first three months of 2021, down 22% from the P8.3 billion earned in the same period last year. Quarter on quarter, it noted an improvement of 80% compared with the P3.6-billion profit recorded in the fourth quarter of 2020, it said in a statement. SM Prime’s first-quarter consolidated revenues went down by 19% to P20.8 billion from P25.8 billion year on year. Its residential business led by SM Development Corp. accounted for 57% of the company’s consolidated revenues. Revenues from the residential segment grew by five percent to P11.9 billion from the P11.4 billion seen in the January-to-March period in the previous year.