SM Prime Holdings Inc. recorded a 12-percent growth in profit in the first half of the year to P11.6 billion from P10.4 billion in the same period last year.
The company said its second quarter bottomline hit P5.2 billion, up 142.86 percent from P2.1 billion from the same period in 2020.
First half revenues reached P41.1 billion, down 5.94 percent from P43.7 billion last year.
Jeffrey Lim, SM Prime president, said the improvement in the bottomline was due to the “continued positive performance of the company’s residential business in the first half of 2021, as well as the malls business in the second quarter of the year in spite of the effect of the reimplementation of stricter community quarantine from March to May 2021 in key areas such as Metro Manila and nearby provinces.”
SM Prime’s residential business, which accounted for 60 percent of SM Prime’s consolidated revenues and led by SM Development Corp. posted revenues of P24.5 billion, up 3 percent from P23.7 billion last year. Net reservation sales hit P55.1 billion, up 30 percent from P42.4 billion last year.
The malls business, which accounts for 26 percent of the consolidated revenues posted P10.7 billion in sales, down from P14.4 billion last year, dragged by the more than a year-long community quarantine. China malls’ revenues rose 48 percent to P3 billion from P2 billion last year.
Offices and hotels and convention centers chalked up revenues of P3.1 billion. – Ruelle Castro
