SM Development Corporation (SMDC), the residential arm of SM Prime Holdings, Inc., posted a 23 percent increase in revenue to ₱11.4 billion in the first quarter of 2020 from ₱9.3 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said reservation sales in the first quarter amounted to ₱24.8 billion.
SMDC accounts for 44 percent of SM Prime’s consolidated revenues. In a statement, SM Prime reported that with 16,000 housing units available, equivalent to 12 months of sale, it has enough supply to cushion the effect of construction delays in the residential projects due to the ECQ.
SM Prime recorded a consolidated net income of ₱8.3 billion in the first quarter of 2020, down by 5 percent compared to ₱8.8 billion in the first quarter of 2019.
The company’s consolidated revenue from January to March is ₱25.8 billion, 3 percent lower than ₱26.5 billion of the same period last year.
“The residential segment has shown strong growth in the first three months, abating the effect of revenue losses in the malls segment. The balance between our recurring and developmental income streams sustains our healthy financial position during this pandemic,” said SM Prime President Jeffrey C. Lim.