SM Prime Holdings Inc. recorded profit of P18 billion in 2020, down 53.76 percent from the prior year’s P38.1 billion.
Revenues reached P81.9 billion, down 30.77 percent from P118.3 billion in 2019.
The company said its mall operation posted revenues of P23.6 billion, down 59.17 percent from P57.8 billion in 2019.
SM Prime’s residential business led by SM Development Corp. (SMDC) posted revenues of P46.5 billion, up 6 percent from P43.7 billion the previous year. SMDC’s reservation sales hit P99 billion, up 10 percent from P90 billion the previous year.
The commercial properties business segment reported P4.8 billion revenues in 2020 from the previous year’s P4.6 billion. The hotels and convention centers business oposted P1.6 billion revenues, down 68.63 percent from P5.1 billion in 2019.
“We are optimistic, that together as one, we will all rise from this challenge and look forward to a better year. We encourage our fellow Filipino to keep supporting our local businesses while practicing safety protocols at all times,” said Jeffery Lim, SM Prime president.