SM Investments Corp. (SMIC), the holding firm of the Sy family, on Wednesday said it recorded a net income of P64.4 billion in January to September, up 6 percent from P60.9 billion last year.
Consolidated revenues increased 4 percent to P482.3 billion, compared with P462.5 billion a year ago.
‘The third quarter performance remained within our expectations. Despite the challenges brought about by adverse weather and flooding, we continued to see resilient financial performance across our businesses,’ Frederic C. DyBuncio, the company’s president and CEO, said.
‘While external factors may temper overall economic growth, we maintain an optimistic outlook as we move into the fourth quarter.’
Banking accounted for the largest share of SMIC’s net income at 50 percent followed by property at 28 percent, retail at 15 percent and portfolio investments at 7 percent.
SM Retail reported net income was at P12.2 billion, some 5 percent lower than last year’s P12.8 billion.
Retail revenues, meanwhile, grew 5 percent to P318.1 billion from P301.8 billion in the previous period.
‘The earlier school opening in June this year pushed some spending from the third to the second quarter. Despite this shift, specialty retail spending grew in the health and beauty, fashion and kids categories while essential spending continued to prop up growth for food retail,’ DyBuncio said.
Department store revenues grew 3 percent in the fashion and kids segments while food retail revenues increased 7 percent supported by a strong market base and store expansions.
Specialty retail revenues rose 4 percent, driven by growth in the kids and home categories.
BDO Unibank Inc., the country’s largest lender recorded a net income of P63.1 billion, an increase by 4 percent from P60.6 billion last year due to the sustained performance of its core business segments.
China Banking Corp. posted a net income of P20.2 billion for the period, up 10 percent year-on-year with core businesses delivering robust result, the company said. SM Prime Holdings Inc., the shopping mall operator, reported a nine-month profit of P37.2 billion, up 10 percent from P33.9 billion a year earlier.
The growth was driven by higher contributions from the mall and convention center segments, it said.
The portfolio investments’ performance was driven by Philippine Geothermal Production Co., which contributed 30 percent of total portfolio income, followed by NEO with 26 percent and the delisted firm 2Go Group Inc. with 12 percent.
Revenues of 2Go rose 6 percent and net income by 65 percent supported by the strong performance of its travel and logistics businesses.