Lower mall income, rental earnings pull down SM Prime end-September net income by 48%

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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