SM Prime profit slips 5% in Q1 due to pandemic

SM Prime Holdings reported a 5% decline in net income to P8.3 billion for Q1 2020, compared to P8.9 billion in Q1 2019.

The company's revenues dropped by 3% to P25.8 billion due to mall closures and reduced operations during the COVID-19 pandemic.

SM Prime waived around P8.8 billion in rent for its malls during the quarantine period, impacting its leasing business which accounts for 47% of consolidated revenue.

Despite the challenges, SM Prime's residential segment showed strong growth, mitigating some losses from mall revenues.