SM Investments Corporation (SMIC), the flagship of the Sy family, reported a five percent improvement in consolidated net income to P9.5 billion in first quarter of 2021 from the P9.0 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues in the first quarter stood at P96.9 billion, lower by 13 percent from P111.2 billion in the same period last year.  

Banking accounted for 54 percent of SM’s reported net earnings from core businesses, followed by property at 33 percent and retail at 13 percent. The total assets of SMIC remained at P1.2 trillion.

“As our businesses adapt to a challenging operating environment and broader economic uncertainties, we continue to innovate and find new ways to service our customers’ needs,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said.

He added that, “We have reduced our operating costs and are benefiting from the high levels of cost efficiency that we focused on during the last twelve months.”

DyBuncio said “We continue to invest in the well-being of our employees with our upcoming free vaccination initiative and provide critical support to our business partners, who are mostly small and medium enterprises. We strongly support health recovery efforts and remain optimistic about a strong recovery in due course.”

SM Retail reported first quarter revenues of P70.0 billion, lower by 14 percent compared to the same period last year. However, net income jumped 36 percent to P1.6 billion from P1.2 billion in the same quarter last year, boosted by cost reductions.

In Food Retail, significant savings were realized in utilities with the shift to more energy efficient lighting and refrigeration. Specialty stores likewise benefitted from cost reductions as net earnings grew 58 percent for this segment.

SM Prime Holdings, Inc. reported consolidated net income at P6.5 billion in the first quarter and P20.8 billion in consolidated revenues. 

SM Prime’s residential business, led by SM Development Corporation, reported a 5 percent revenue growth to P11.9 billion in the first quarter from P11.4 billion in the same period last year.

SMDC’s reservation sales surged by 31 percent in the first quarter to P32.4 billion from P24.8 billion in the first quarter of 2020.

For the first three months, net income of BDO Unibank, Inc. was at P10.4 billion, up 19 percent from a year ago on the robust performance from service fee businesses that compensated for the weak demand for loans. 

China Banking Corporation sustained its profitability in the first quarter, posting a 61 percent increase in net income to P3.6 billion.