ADVERTISEMENT
Manila Bulletin devider Business devider SMIC earns P15.2 B in 9 months, down 54%

SMIC earns P15.2 B in 9 months, down 54%

Published Nov 5, 2020 05:00 am

SM Investments Corporation (SMIC) reported a 54 percent drop in consolidated net income to P15.2 billion in the first nine months of 2020 from the P33.1 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues for the nine-month period stood at P286.7 billion, lower by 18 percent from P350.7 billion in the same period last year.

However, in the third quarter, revenues improved by 36 percent to P101.1 billion from P74.4 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.

He added that, “In aid of reviving economic activity, SM has undertaken many programs for Micro Small and Medium Enterprises across the group such as through marketing campaign support and by waiving fees to help our MSMEs sustain their operations as well as credit support and improved cash access to our many banking clients across the country.”

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 nine-month revenues of P216.3 billion, lower by 15 percent compared to the same period last year. Retail net income decreased 73 percent at P2.2 billion from the previous period.

“Notable is the performance of food retail. In the first nine months, food retail revenues grew 11 percent with Alfamart posting an increase of 27 percent in revenues,” SM said.

It added that, “Marked improvements were seen in sequential revenues in the third quarter for the department store business under SM STORE as well as for specialty stores.”

Revenues of the SM STORE improved to P10.5 billion in the third quarter, up 109 percent from the second quarter. Specialty stores also showed improved revenues quarter-on-quarter to P14.2 billion in the third quarter, up 93 percent from the second quarter.

SM Prime Holdings, Inc. (SM Prime) consolidated net income decreased 48 percent to P14.4 billion in the first nine months as consolidated revenues were lower by 29 percent at P60.7 billion year-on-year.

Net income of BDO Unibank was at P16.6 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 P8.2 billion in net income, 23 percent higher compared to the same period last year.

Related Tags

MSMES SMIC SMIC President Frederic C. DyBuncio
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.