SM Prime books higher net income in Jan.-Sept.

SM Prime Holdings, Inc. booked a net income of P15.6 billion in the first nine months of 2021, up by 9% from the P14.4 billion logged in the same period last year despite lower consolidated revenues.

The company’s topline for the period inched down by 6% to P56.8 billion from last year’s P60.7 billion, it said in a disclosure to the stock exchange on Monday.

Its residential business, which is led by SM Development Corp. (SMDC), accounted for 56% of SM Prime’s consolidated revenues with P32.1 billion. However, this is lower by 6% compared to its P34.2-billion contribution last year.

SMDC’s reservation sales got a boost from its improved online presence and continued construction of projects, resulting in a 14% increase to P76.3 billion in the nine-month period from P66.7 billion last year.

Meanwhile, its Philippine mall business logged revenues worth P15.8 billion, making up for 28% of SM Prime’s consolidated revenues. SM Prime said this is 14% less than its nine-month contribution worth P18.3 billion last year after the government reimposed strict mobility restrictions.

Its China mall business, on the other hand, posted a 28% revenue increase to RMB0.59 billion from last year’s RMB0.46 billion.

SM Prime’s commercial properties logged P3.8 billion, while its hotels and convention centers recorded a P900-million revenue in the period.

“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,” SM Prime President Jeffrey C. Lim said in a statement. “This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities… this coming [holiday] season.

Shares of SM Prime went up by 0.83% or 30 centavos to close at P36.30 apiece on Monday. — Keren Concepcion G. Valmonte