SM Investments Corp., the listed holding company of the Sy family, on Monday reported a 33 percent increase in first-quarter net income of P17.30 billion. Property development and banking contributed 73 percent to the bottom line.
The company, which holds interests in shopping malls and property development, the lenders BDO and China Banking Corp., and other businesses, posted first-quarter revenue of P138.15 billion, up 21 percent year-on-year. The major contributor is sales, which increased to P88.43 billion from P72.66 billion last year.
SM Prime posted a 27 percent growth in net income to P9.4 billion in spite of a 30 percent decline in real estate sales due to cancellations, rising interest rates and timing difference in project pipeline. Reservations, however, were up 15 percent to P35.8 billion.
BDO Unibank delivered a 41 percent growth in net profit to P16.5 billion and China Bank posted a 3 percent growth in net income to P5 billion.
Cost and expenses in the first quarter rose to P106.36 billion from P89.77 billion last year.
