SM Prime Holdings Inc. said profit for the first quarter of the year reached P6.5 billion, down 21.69 percent from P8.3 billion last year.
Revenues reached P20.8 billion, down 19.38 percent from P25.8 billion last year.
The company said it “registered a strong quarter-on-quarter net income performance posting an almost 80 percent growth from P3.6 billion in the last quarter of 2020, while consolidated revenues remain almost the same from the previous quarter.”
SM Prime’s residential business, led by unit SM Development Corp. posted a revenue of P11.9 billion, up 5 percent from P11.4 billion last year.
The residential business’ operating income hit P5.1 billion, up 9 percent from P4.6 billion.
SMDC aims to launch 15,000 to 20,000 residential units in 2021.
The commercial properties group , which manages the office business, continues to operate at optimal level, while the company’s hotels and convention centers’ operations follow guidelines set by the COVID-19 Inter-Agency Task Force. – Ruelle Castro
