PROPERTY developer SM Prime Holdings, Inc. reported a consolidated net income of P14.4 billion in the nine months to September, a 48% decrease from its P27.6-billion posting last year.

In a press release on Monday, SM Prime said that its consolidated revenues fell 29% to P60.7 billion, as its mall business declined during the period.

Its Philippine mall businesses logged in revenues of P18.3 billion, which is 57% lower than last year. Rental income of local malls was recorded at P16.8 billion, which is 52% lower from P42 billion in the previous year.

According to SM Prime President Jeffrey C. Lim, the developer’s malls are “slightly recovering” amid the global health crisis, which has affected the local economy.

“SM Prime’s core businesses, primarily its malls, showed slight recovery as the government started to re-open more industries to help the economy going in to the second half of the year. We have also implemented tighter controls on our expenses achieving a major reduction in operating expenses quarter on quarter,” said Mr. Lim in a statement.

SM Prime’s residential business, led by SM Development Corp. (SMDC), posted a 7% revenue increase to P34.2 billion year-on-year.

With the construction of new and expanding projects, SMDC announced that it is expecting to increase its inventory and continue offering ready-for-occupancy units.

Meanwhile, SM Prime’s commercial properties business reported a P3.7-billion revenue in the nine-month period, with its operating income reaching P3.3 billion.

SM Prime’s hotels and convention centers business segment posted revenues of P1.3 billion as quarantine measures eased in the country.

On Monday, SM Prime shares closed at P34.20 apiece, down 30 centavos or 0.87% from the last session. — Angelica Y. Yang