SM Prime records a higher net profit from January to September.

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SM Prime Holdings, Inc. reported net profit of 15.6 billion pesos in the first nine months of 2021, up 9% from the 14.4 billion pesos recorded in the same period. last year despite the decline in consolidated revenues.

The company’s revenue for the period edged down 6 percent to 56.8 billion pesos from last year’s 60.7 billion pesos, he said in a disclosure on Monday. the stock market.

Its residential business, led by SM Development Corp. (SMDC), represented 56% of the consolidated revenues of SM Prime with 32.1 billion pesos. However, this is 6% lower than its contribution of 34.2 billion pesos last year.

SMDC’s reservation sales were driven by improving its online presence and continued construction of projects, leading to a 14% increase to P76.3 billion in the nine-month period, from P66, 7 billion last year.

Meanwhile, its Filipino mall business recorded revenues worth 15.8 billion pesos, representing 28% of SM Prime’s consolidated revenue. SM Prime said it was 14% less than his nine-month contribution worth 18.3 billion pesos last year after the government reimposed strict mobility restrictions.

Its shopping center activities in China, on the other hand, recorded a 28% increase in revenue to RMB 0.59 billion from RMB 0.46 billion last year.

SM Prime’s commercial properties recorded 3.8 billion pesos, while its hotels and convention centers recorded sales of 900 million pesos during the period.

“SM Prime continues to develop new methods and solutions in its business by developing sustainable programs that provide a safe and secure environment for all of its stakeholders,” SM Prime President Jeffrey C. Lim said in a statement. “This is in line with our anticipation of welcoming more people to our establishments, mainly in our shopping centers and other commercial facilities… [holiday] season.

Shares of SM Prime rose 0.83% or 30 centavos to close at P36.30 each on Monday. – Keren Concepcion G. Valmonte


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