SMIC income up 10% to P8.5 billion

Q1 earnings results

MANILA, Philippines — SM Investments Corp. (SMIC) posted a 10 percent growth in first quarter earnings to P8.5 billion.

 This was on the back of an 11 percent growth in consolidated revenues to P95 billion.

SMIC president Frederic DyBuncio said the company continues to build on the strong 2017 performance with revenues rising faster in the first quarter this year.

“Looking ahead we remain cautiously optimistic about underlying consumption trends despite inflationary pressures,” he said.

 The property business accounted for 46 percent of SM’s consolidated net income, followed by banks at 32 percent. Retail accounted for 22 percent.

Retail operations under SM Retail Inc.,  consisting of both food (SM Markets) and non-food (The SM Store and Specialty Retail), reported growth in total sales of 10 percent to P67.4 billion in the first quarter, while net income rose 14 percent to P2.6 billion.

As of the end of March, SM Retail had a total of 2,081 stores comprising 59 The SM Stores, 1,283 specialty retail stores, 53 SM Supermarkets, 47 SM Hypermarkets, 186 Savemore, 46 WalterMart and 407 Alfamart stores.

Property and mall developer SM Prime Holdings Inc. reported overall net income growth of 15 percent to P7.6 billion, while consolidated revenues rose 14 percent to P23.4 billion.

BDO Unibank, meanwhile, posted a net income of P5.9 billion, steady from the year-ago level while net interest income grew 20 percent to P22.2 billion, supported by an 18 percent increase in gross customer loans to P1.8 trillion and a 16 percent growth in total deposits to P2.2 trillion.

China Banking Corp. reported a two percent rise in net income to P1.5 billion.