SMIC income hits P9 billion in 3 months

MANILA, Philippines — SM Investments Corp. (SM) posted a net income of P9 billion in the first quarter, down 16 percent as a result of the Luzon-wide enhanced community quarantine which was imposed last March 15 because of the coronavirus disease 2019 or COVID-19 pandemic.

This despite an increase in consolidated revenue of P111.2 billion from P109 billion previously.

SM president Frederic DyBuncio said the quarantine and broader pandemic weighed on the company’s performance during the first quarter.

“We are actively enhancing digital and delivery services across all our core businesses, while also working to support and protect our employees, customers, MSMEs and business partners,” DyBuncio said.

By segment, banks contributed 46 percent of net income, while property and retail added 44 percent and 10 percent respectively.

SM Prime Holdings recorded a consolidated net income of P8.3 billion, down five percent.

The residential group, led by SM Development Corp. (SMDC), which accounts for 44 percent of consolidated revenues, recorded a 23 percent increase in revenue to P11.4 billion.

BDO Unibank, the banking arm, posted P8.8 billion in net income from P9.8 billion previously.

China Bank saw its net income increase by 19 percent to P2.2 billion, driven by sustained growth of its core businesses.