MANILA – SM Investments Corporation (SMIC) on Wednesday reported its consolidated net income at PHP15.2 billion in the January to September period, lower by 54 percent from PHP33.1 billion year-on-year.
Consolidated revenues for the nine-month period ending September stood at PHP286.7 billion, lower by 18 percent from PHP350.7 billion in the same period last year.
However, revenues in the third quarter improved by 36 percent to PHP101.1 billion from PHP74.4 billion in the second quarter.
“We are encouraged by marked improvements in our results quarter-on-quarter as we saw renewed consumer activity. We remain watchful of underlying demand as we continue to face headwinds in the economy in areas such as employment and remittances,” SMIC president Frederic C. DyBuncio said in a statement.
In aid of reviving economic activity, DyBuncio said SM has undertaken various programs for micro, small and medium enterprises across the group, such as through marketing campaign support and by waiving fees to help them sustain their operations, as well as credit support and improved cash access to banking clients.
Banking accounted for 50 percent of SM’s reported net earnings from core businesses, followed by property at 41 percent, and retail at 9 percent.
SM Retail reported net income decreased by 73 percent at PHP2.2 billion from the previous period.
SM Prime Holdings, Inc. (SM Prime) consolidated net income decreased 48 percent to PHP14.4 billion in the first nine months.
Net income of BDO Unibank was at PHP16.6 billion in the first nine months, lower by 48 percent from the same period last year, due to the upfront provisions booked in the second quarter in anticipation of potential delinquencies due to the pandemic.
China Banking Corporation posted PHP8.2 billion in profit, 23 percent higher compared to the same period last year. (PR)
