SM Prime net income drops 53% to P18B in 2020 on lower mall revenues

SM Seaside City, Cebu. Handout

MANILA – SM Prime Holdings said Monday its net income fell 53 percent to P18 billion last year from P38.1 billion in 2019 due to lower mall revenues amid the ongoing lockdown restrictions during the pandemic.

Consolidated revenues totaled to P81.9 billion, also lower than P118.3 billion the previous year.

This is primarily due to the 59 percent drop in mall revenues to P23.6 billion from P57.8 billion.

Despite the weak business environment, SM managed to open two malls at the tail end of 2020 which are SM City Butuan and SM City Mindpro — both in Mindanao.

The company remains positive on its growth prospects this year — looking at opportunities to deliver “innovative and sustainable lifestyle cities” amid the slow recovery of businesses in the country, said SM Prime President Jeffrey C. Lim.

“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,” Lim added.

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