SM Prime : First-Half Net Profit Falls as Covid-19 Weighs on Mall Business

By P.R. Venkat

SM Prime Holdings Inc. said its first-half net profit fell 46% from a year earlier, as restrictions imposed due to the Covid-19 pandemic weighed on its mall business.

Net profit fell to 10.4 billion Philippine pesos ($211.7 million), while consolidated revenue dropped 23% to PHP43.7 billion, the Philippine property developer said Monday.

SM Prime, one of Southeast Asia's largest integrated property developers, said rental income from its mall business was down 44% at PHP13.1 billion.

"The first half of 2020 has been one of the most challenging periods we've faced as a company," SM Prime President Jeffrey C. Lim said.

Write to P.R. Venkat at [e-mail]