SMIC nine-month bottom line down 54%

Diversified conglomerate SM Investments Corp.'s bottom line was nearly halved in the first nine months of the year, as revenue growth in July to September was not enough to offset losses in the previous quarters.

SMIC on Wednesday reported a consolidated net income of P15.2 billion in the first nine months of the year, 54% lower than P33.1 billion recorded in the same period in 2019.

Consolidated revenues for the nine-month period fell 18% to P286.7 billion from P350.7 billion, even as revenues improved 36% to P101.1 billion in the third quarter from P74.4 billion the previous quarter. The company has yet to report comprehensive financial earnings for the third quarter alone.

"We are encouraged by marked improvements in our results quarter-on-quarter as we saw renewed consumer activity. We remain watchful of underlying demand as we continue to face headwinds in the economy in areas such as employment and remittances," said SMIC president Frederic DyBuncio.

Banking accounted for 50% of SMIC's reported net earnings from core businesses, followed by the property with 41%, and retail at 9%.

BDO Unibank Inc. reported a 48% decline in net income to P16.6 billion, SM Prime Holdings Inc. down 48% to P14.4 billion, and retail down 73% to P2.2 billion.

SMIC businesses involve The SM Store, SM Supermarket, SM Hypermarket, SaveMore, Walter Mart Supermarket Inc., Alfamart, SM Prime Holdings Inc., SM Development Corp., BDO Unibank Inc., and China Banking Corp.—AOL, GMA News