4 billion, down 48 percent from its year ago figure as malls and other commercial establishments continue to reel from the impact of the pandemic.
“SM Prime’s core businesses, primarily its malls, showed slight recovery as the government started to reopen more industries to help the economy going in to the second half of the year. We have also implemented tighter controls on our expenses achieving a major reduction in operating expenses quarter on quarter.
SM Development Corp. , its residential business arm however, recorded a 7 percent increase in revenue to P34.2 billion with an operating income of P14.1 billion. Reservation sales also grew. "With the resumption of construction in new and expanding SMDC projects, the company is expecting to add more units in its inventory while continuously offering its ready-for-occupancy units of 1,650 units, down from 2,292 units in the same period being reviewed," it said.
The hotels and convention centers business segment registered P1.3 billion in revenue for the January to September period, as it started to cater to a wider market with the easing of restrictions in some areas.
At least there is revenue in SMDC leasing to Chinese POGO workers.
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