SM Prime books P11.6-B net income in first half, up 12 percent

SM Prime Holdings Inc reported a consolidated net income of P11.6 billion in the first six months of 2021, up 12 percent from P10.4 billion in the first half of 2020. 

SM Prime said this was on the back of improvement in its second quarter net income to P5.2 billion from P2.1 billion in the same period last year. 

"The reported improvement is due to the continued positive performance of the Company’s residential business in the first half of 2021, as well as the Company’s malls business in the second quarter of the year in spite of the effect of the reimplementation of stricter community quarantine from March to May 2021 in key areas such as Metro Manila and nearby provinces," the company said. 

Last year, SM Prime's income was nearly halved as lockdowns imposed to check the spread of COVID-19 disrupted mall operations.

“In these challenging times, we are committed more in providing a safe environment to all our stakeholders by strict observance of health and safety protocols across all our developments. Along with this commitment is our initiative to support the national government’s vaccination program in our malls nationwide as well as providing free inoculation to thousands of our employees,” SM Prime President Jeffrey Lim said.

SM Prime said its residential business accounted for 60 percent of the company's consolidated revenues, while its Philippine malls business accounted for 26 percent. 

"The malls business reported P10.7 billion revenues from January to June of 2021 as compared to P14.4 billion in the first six months of 2020. The reimplementation of Enhanced Community Quarantine (ECQ) in the Metro Manila, Bulacan, Cavite, Laguna, and Rizal (NCR-plus Bubble) from March to May 2021 has caused lower mall activities in the mentioned areas," SM Prime said.

The company’s China malls recorded a 48 percent growth in revenues to P3 billion in the first half from P2 billion in the same period last year. 

SM Prime said its other business segments, which include offices and hotels, and convention centers, contributed P3.1 billion to the company’s consolidated revenues. 

https://news.abs-cbn.com/business/08/02/21/sm-prime-books-p116-b-net-income-in-first-half-up-12-percent

Metro Manila public transportation to remain during ECQ: official

(UPDATE) - Public transportation in Metro Manila will remain during the strict lockdown from August 6 to 20, the Department of the Interior and Local Government said Monday.

The transportation department has yet to advise if it would allow fewer public utility vehicles, said DILG Undersecretary Jonathan Malaya.

"Hindi po natin kailangan ng libreng sakay dahil...the current public transportation will be maintained," he told ABS-CBN's Teleradyo.

(We don't need free rides because...the current public transportation will be maintained.)

"Wala pa pong abiso samin ang Department of Transportation kung magbabawas but we understand the need to keep public transportation."

(The DOTr has yet to advise us if it would lessen public utility vehicles but we understand the need to keep public transportation.)

Authorized persons outside their homes will include essential workers and residents scheduled for COVID-19 vaccination, Malaya earlier said.

"Kailangan pong makapunta ang tao sa bakunahan (People need to get to vaccination sites) that is why we’re maintaining the level of public transportation right now," he said.

Malaya, meantime, said house-to-house vaccination was "not viable." Only bedridden residents may receive home vaccination, he added.

"Matagal na pong debate yan (This has long been a debate) but it is such a difficult process. 'Di po yan (It's not) viable," he said.

The DILG will also ensure that policemen stationed at checkpoints have a negative confirmatory test result for COVID-19, Malaya added.

This, after 82 personnel were deployed at President Rodrigo Duterte's final State of the Nation Address and later found to be positive for the coronavirus.

Some 1,134 policemen have so far been deployed in Metro Manila to man law enforcement checkpoints, Malaya said during a virtual press briefing.

The figure will reach more than 2,000 policemen once the enhanced community quarantine is implemented on Friday and quarantine control points are placed, Malaya added.

"Ang (PNP) Highway Patrol Group maaaring magsagawa ng mobile checkpoints. Baka umabot sa 5,000 ang ating kapulisan na maaassign sa buong NCR Plus area," he said.

(The Highway Patrol Group might conduct mobile checkpoints. Some 5,000 might be assigned in the whole NCR Plus area.)

https://news.abs-cbn.com/news/08/02/21/metro-manila-public-transportation-to-remain-during-ecq-official