SM Prime Holdings Inc. posted a 48-percent decline in profit for the first nine months of the year to P14.4 billion from P27.6 billion last year.
Revenue reached P60.7 billion, down 29 percent from P85 billion last year.
“SM Prime’s core businesses, primarily its malls, showed slight recovery as the government started to re-open more industries to help the economy going in to the second half of the year. We have also implemented tighter controls on our expenses achieving a major reduction in operating expenses quarter on quarter,” said Jeffery Lim, SM Prime president.
SM Prime said its Philippine mall business posted P18.3 billion in revenue, down 57 percent from last year’s P42.0 billion. Local malls’ rental income recorded P16.8 billion, 52 percent lower from P35.1 billion last year.
Its residential business under SM Development Corp. posted revenue of P34.2 billion, up 7 percent from P31.9 billion last year. Operating income was at P14.1 billion, up 13 percent from P12.5 billion.
The group’s commercial properties business recorded P3.7 billion in revenue with operating income at P3.3 billion. The hotels and convention centers business segment registered P1.3 billion revenue.