SM profits down 5% in Q1 2020 as it waives mall rent over virus

SM Prime maintains its 2020 capex at P80 billion despite the coronavirus crisis. COVID19PH

In a disclosure to the Philippine Stock Exchange on Friday, May 15, SM Prime said revenues fell by 3% to P25.8 billion.

"The company's 1st quarter results reflect the business disruption impact of the quarantine measures implemented last March 16, which affected primarily our leasing businesses," said SM Prime president Jeffrey Lim. Its mall business, which accounted for 47% of consolidated revenues, was temporarily closed due to the pandemic. Revenues from malls still hit P11.3 billion from January to March, 16% lower than the P13.5 billion in the same period last year.

Its residential unit, SM Development Corporation, recorded a 23% increase in revenues to P11.4 billion."We believe that in [a] crisis like this, flight to quality will be the driver for consumers and buyers, and SM has the solution and right product," said SM Prime chairman of the board Henry Sy Jr.

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