SM Prime Holdings in the Philippines registered a strong quarter-on-quarter net income performance posting an almost 80% growth from P3.6bn in the last quarter of 2020, while consolidated revenues remain almost the same from the previous quarter. SM Prime’s local mall business, which accounts for 28% of the consolidated revenues, reported P5.9bn in the first three months of the year, 10% higher from the previous quarter. The growth is due to the increase of operating mall tenants, which drove mall rental income up by 14% in the first quarter of 202.
Meanwhile, SM Prime’s China malls registered a 53% growth in revenues to RMB199mn in the first quarter of 2021 compared to the same period last year. The positive growth of the company’s international malls signals return to normal operations after the government-imposed lockdown last January 2020.