SM Prime Holdings Inc.'s profit through the first three quarters of 2021 fell 48% compared with the same period a year earlier as restrictions to contain Covid-19 weighed on its mall business, offsetting gains in its residential unit.

Net profit fell to 14.4 billion Philippine pesos ($297.5 million), while consolidated revenue dropped 29% to PHP60.7 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 dropped 52% to PHP16.8 billion while revenue from its residential business rose about 7% to PHP34.2 billion.

The company said its core businesses, primarily its malls, had showed a slight recovery as the government re-opened more industries amid the pandemic. "We have also implemented tighter controls on our expenses, achieving a major reduction in operating expenses quarter on quarter," SM Prime President Jeffrey C. Lim said.

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(END) Dow Jones Newswires

10-26-20 0232ET