SM Investments Corp., the holding firm of the Sy family, reported net income growing 6 percent to P18.4 billion in the first three months this year from only P17.3 billion last year, as group retail income fell on moderated spending by consumers.
Consolidated revenue in the January-to-March period increased 4 percent to P144 billion from P138.3 billion last year.
“We continue to benefit from the country’s underlying economic growth and we adapt to reflect consumers’ evolving spending habits and priorities,” SMIC president and CEO Frederic C. DyBuncio said.
“Looking ahead, our outlook remains cautiously optimistic and our expansion is on track,” he said.
Banking accounted for 52 percent of reported net earnings from core businesses, followed by property at 29 percent, retail at 12 percent and portfolio investments at 7 percent.
SM Retail’s net income stood at P3.1 billion, down 20 percent from the previous year’s P3.9 billion.
Revenue was up 3 percent to P93.8 billion from P91.3 billion in the previous year.
Revenue from food retail increased 6 percent to P57 billion.
In non-food retail, revenue from its department store business total P22.4 billion, lower by 4 percent while revenue from specialty retail total another P20.4 billion, lower by 1 percent, as a result of moderated spending by consumers.
BDO Unibank Inc. reported net income of P18.5 billion, up 12 percent from the same period last year on sustained performance of its core businesses.
Shopping mall operator SM Prime Holdings Inc. reported consolidated net income of P10.5 billion, 11 percent higher than only P9.4 billion in the same period last year. Consolidated revenue grew 7 percent to P30.7 billion from P28.6 billion in the same period last year.
First-quarter net income from portfolio investments was driven by Atlas Mining and the NEO Group, the company said.
“SM Investments expects the portfolio businesses to make a larger contribution to the group’s revenues and earnings over time,” the company said.
