Sy-led conglomerate SM Investments Corp. posted a double-digit growth in bottom line in the first quarter of the year, on the back of strong consolidated revenues.
The company reported an P8.5-billion net income in the first quarter, up 10 percent higher from P7.7 billion a year earlier.
“We continue to build on our strong 2017 performance with revenues rising faster in the first quarter this year,” SM Investments president Frederic DyBuncio said.
According to the company, the property business SM Prime Holdings Inc. accounted for 46 percent of the consolidated net income. BDO Unibank Inc. and China Banking Corp. contributed 32 percent, and SM Retail Inc. shared 22 percent.
“Looking ahead we remain cautiously optimistic about underlying consumption trends despite inflationary pressures,” DyBuncio said. —Jon Viktor Cabuenas/VDS, GMA News
Source: GMA News