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

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The integrated property developer earned ₱14.4 billion from January to September, almost 50 percent lower from last year as the pandemic forced quarantine restrictions across the country, effectively reducing foot traffic in malls.

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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