SMIC net income up 6% in Q1

Retail giant SM Investments Corp. (SMIC) on Wednesday reported a 6% increase in its first-quarter net income, as its revenues climbed 6% on the back of the improved performance of its key business units.

In an emailed statement, SMIC said its net income rose to P18.4 billion from P17.3 billion last year as its consolidated revenues increased by 4% to P144.0 billion from P138.3 billion.

The conglomerate’s banking units, including BDO Unibank Inc., accounted for 52% of the reported net earnings, as its reported net income increased by 12% to P18.5 billion and its net interest income jumped by 13%.

China Banking Corp. booked a P5.9-billion net income to reflect 18% growth, with net interest income also up 18% to P15.0 billion and gross loans 11% higher to P805 billion on strong demand.

The property business SM Prime Holdings Inc. reported an 11% increase in its reported consolidated net income to P10.5 billion, with consolidated revenues up by 7% to P30.7 billion.

The retail unit saw a decline in its net income to P3.1 billion from P3.9 billion the previous year, with revenues up 3% to P93.8 billion as non-food retail revenues slipped by 4% to P22.4 billion.

SMIC last month said it has allocated P120 billion for its capital spending this year, with the bulk going to the property business that is set to open four malls in 2024. — VBL, GMA Integrated News