Retail declines as SM Investments' Q1 net income rises by 6% to P18.4 billion
According to SM Investments Corp (SMIC), its net income increased to P18.4 billion in the first quarter from P17.3 billion during the same period previous year, a 6 percent increase.
According to SM Investments Corp (SMIC), its net income increased to P18.4 billion in the first quarter from P17.3 billion during the same period previous year, a 6 percent increase.
The Sy-led conglomerate told the stock market that its consolidated revenues rose by 4% to P144 billion from January to March.
52 percent of reported net earnings from core activities came from the banking sector. BDO Unibank's reported net income increased by 12 percent to P18.5 billion, while China Banking Corp. reported an 18 percent increase to P5.9 billion.
The largest mall operator in the Philippines and the group's property division, SM Prime Holdings, announced consolidated net income of P10.5 billion, which was 11% more than it was during the same period previous year, the firm stated.
In contrast, SM Retail's net income decreased to P3.1 billion from P3.9 billion during the same time previous year.
According to Frederic DyBuncio, president and chief executive officer of SM Investments, "We continue to benefit from the country's underlying economic growth and we adapt to reflect consumers' evolving spending habits and priorities."
According to DyBuncio, SMIC is "cautiously optimistic" about the year and its expansion is proceeding as planned.
News source:
https://news.abs-cbn.com/business/2024/4/24/sm-not-affected-by-territorial-issue-with-china-1922
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