Metro Manila (CNN Philippines, May 8) — SM Investments Corp. (SMIC) posted a ₱10.7-billion net income in the first quarter, boosted by strong gains from its banking and property subsidiaries.
The listed holding company said its bottom line grew by 26 percent versus the ₱8.5 billion it booked in first three months of 2018. Consolidated revenues stood at ₱109 billion as of March compared to ₱95 billion the year prior.
The Sy-led conglomerate reported strong performance across its core businesses, with bulk of its profits drawn from its banking units.
BDO Unibank, Inc. made ₱9.8 billion during the quarter, representing a 66 percent increase year-on-year. The country’s biggest lender said a recovery in trading gains, higher margins for loans, and bigger collections from bank fees and insurance premiums boosted their operations.
China Banking Corp. also added ₱1.9 billion to SMIC’s consolidated income as loan revenues rose by 41 percent.
Meanwhile, its real estate arm SM Prime Holdings, Inc. also enjoyed a 16 percent lift in its net income to ₱8.8 billion.
Revenues of SM Development Corp. (SMDC) grew by nearly a fourth to ₱9.2 billion, driven by the opening of new condominium projects as well as reservation sales. Properties in the commercial space also added ₱2.3 billion to SMDC’s revenues, the company said.
Mall operations yielded ₱15 billion from January-March, largely from ₱12.9 billion in rental fees.
SMIC’s retail businesses also contributed ₱2.7 billion, accounting for about a fifth of the total income. Its food and non-food stores generated ₱79 billion revenues during the first three months, while specialty retail units raked in ₱19.6 billion.
SM Retail Inc. said it operates 2,385 stores nationwide, including department stores, specialty stores, and supermarkets. The number also counts 52 WalterMart and 578 Alfamart convenience stores.
Read more: CNNPhilippines