SM Prime's net income from January to September dropped by nearly 50 percent from last year, as the coronavirus pandemic forced quarantine restrictions across the country, effectively reducing foot traffic in malls. .
Out of SM Prime's business ventures, malls took the worst blow from the pandemic. The mall business posted ₱18.3 billion as of September, 57 percent lower from the ₱42 billion it clocked in during 2019. Income from rentals, meanwhile, plunged by 52 percent to ₱16.8 billion during the period from last year's ₱35.1 billion.
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SM Prime 9-month income down 48 pct, core business sees 'slight recovery' as restrictions easeAt least there is revenue in SMDC leasing to Chinese POGO workers.
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SM Prime 9-month earnings down 48% in 2020SM Prime president Jeffrey Lim says profits of their mall business showed 'slight recovery' after the government eased lockdown restrictions. If by earnings you mean profit then they are several magnitudes better than the rest of the country.
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