Property developer SM Prime Holdings Inc. said Monday nine-month net income rose 9 percent to P15.6 billion from P14.4 billion in the same period last year despite lower sales.
SM Prime said in a disclosure to the stock exchange consolidated revenues dropped 6 percent in the first three quarters to P56.8 billion from P60.7 billion a year ago, on lower sales from residential and mall businesses.
Residential business, which accounted for 56 percent of sales, booked revenues of P32.1 billion, down 6 percent from P34.2 billion last year. Reservation sales rose 14 percent to P76.3 billion from P66.7 billion.
SM Prime said the strengthened online presence and continuous construction of residential projects boosted the take-up of SM Development Corp. in the first nine months.
Sales of its mall business in the Philippines declined 14 percent from last year’s P18.3 billion as the reimplementation of stricter community quarantine in August affected retail operation.
China malls reported a 28-percent increase in revenue to RMB 590 million from January to September from RMB 460 million a year ago.
“As the country continues to survive the pandemic, SM Prime will remain optimistic by providing support to the government as well as convenience, services and entertainment to its customers,” SM Prime president and chief executive Jeffrey Lim said.
The group’s commercial properties reported P3.8 billion in revenue in the first three quarters, slightly higher than its earnings last year.
The company’s hotel and convention center business registered P900-million revenues in the first nine months of 2021.
“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders. This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities, where thousands of our partner-tenants can showcase their products and services this coming Holidays Season,” Lim said.