SM Prime Holdings Inc. saw its net income decline by 46 percent to P10.4 billion in the first half of 2020 from P19.3 billion in the same period last year. In a disclosure, the Sy-led mall operator said its consolidated revenues fell by 23 percent to P43.7 billion in the period from P57 billion year-on-year. SM Prime’s local malls’ rental income plunged by 44 percent to P13.1 billion from P23.3 billion as their revenues sank by 49 percent to P14.4 billion from P28.1 billion last year. Meanwhile, revenues of its residential business, led by SM Development Corp. (SMDC), climbed by 11 percent to P23.7 billion in the first six months from P21.4 billion year-on-year. SM Prime shares shed 10 centavos or 0.35 percent to finish at P28.45 apiece on Tuesday.

Source: Manila Times August 04, 2020 17:48 UTC