Sy Group’s SM Prime Holdings saw its consolidated net income slump by 48 percent to P14.4 billion in the first nine months of the year from P27.6 billion in the same period last year. The integrated property developer in a filing on Monday said its consolidated revenue for the period also declined by 29 percent to P60.7 billion from P85 billion year-on-year. The revenue of SM Prime’s Philippine mall business for the period was down 57 percent to P18.3 billion from P42 billion in 2019. Its rental income likewise slipped by 52 percent to P16.8 billion from P35.1 billion year-on-year. Meanwhile, the revenue of the firm’s residential business headed by SM Development Corp. climbed 7 percent to P34.2 billion from P31.9 billion.

Source: Manila Times October 27, 2020 16:18 UTC