SM Investments Corp. (SMIC), the holding firm of the Sy family, said its net income rose 10 percent during the first three months of the year to P8.5 billion, from P7.7 billion last year, on strong performance of its businesses.

Consolidated revenues rose 11 percent to P95 billion, from P85.4 billion last year.

“We continue to build on our strong 2017 performance with revenues rising faster in the first quarter this year. Looking ahead, we remain cautiously optimistic about underlying consumption trends despite inflationary pressures,” SMIC President Frederic C. DyBuncio said.

For the first quarter, property accounted for 46 percent of its consolidated net income, followed by banks at 32 percent and retail at 22 percent.

Retail operations under SM Retail Inc., which consist of both food and nonfood, reported growth in sales of 10 percent to P67.4 billion in the first quarter, while net income rose 14 percent to P2.6 billion.

By the end of the quarter, SM Retail had 2,081 stores composed of 59 department stores, 1,283 specialty retail stores, 53 supermarkets, 47 hypermarkets, 186 Savemore stores, 46 Waltermart stores and 407 Alfamart stores.

Revenues from SM Retail’s specialty retail stores grew 16 percent to P17.4 billion, in part driven by expansion and new formats, such as Miniso, with 48 stores at the end of the first quarter.

SM Prime Holdings Inc. reported overall net income growth of 15 percent in the first quarter to P7.6 billion.

Revenues for the residential group, led by SM Development Corp. (SMDC), increased 25 percent to P7.5 billion in the period and accounted for 32 percent of total revenues.

SMDC’s reservation sales grew 20 percent to P14.8 billion in the first quarter.

For the first quarter, BDO Unibank Inc. posted a net income of P5.9 billion, flat from the previous year, while China Banking Corp. reported its net income went up to P1.5 billion in the first quarter, a mere 2-percent growth from the previous year.

Source: BusinessMirror