SM’s 9-month net income jumps 26% to ₱33.1 B

Published November 6, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

SM Investments Corporation’s (SM) consolidated net income rose 26 percent to ₱33.1 billion in the first nine months of the year as consolidated revenues grew 14 percent to ₱350.7 billion from P307.4 billion year-on-year.

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“Our core businesses continue to deliver notable performance led by banking and property. We are satisfied with our financial results as these reflect the continued growth in our core businesses,” SM President Frederic C. DyBuncio said.

For the period year-to-date ending September, banks accounted for 44 percent of SM’s reported net earnings, followed by property at 39 percent and retail at 17 percent.

Retail operations under SM Retail Inc., which consist of both food (SM Markets) and non-food (THE SM STORE and Specialty Retail), reported growth in total revenues by 12 percent to ₱253.9 billion.

Net income stood at P7.8 billion, down 1 percent due to the effect of the implementation of the Philippine Financial Reporting Standards (PFRS) 16 which took effect this year.

Excluding the impact of PFRS 16, net income grew by 8 percent. Revenues from Specialty Retail grew 15 percent.

SM Prime Holdings, Inc. (SM Prime) reported consolidated net income growth of 18 percent to ₱27.6 billion and consolidated revenues rose 14 percent to ₱85.0 billion.

Net income of BDO Unibank grew 49 percent to ₱32.1 billion while China Banking Corporation reported that its consolidated net income rose 21 percent to ₱6.7 billion.

 
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