SM Investments Q1 net income rises 5%
SM Investments Corporation (SMIC) reported its consolidated net income grew 5% to PHP 9.5 billion (USD 198 million) in the January to March period from PHP9.0 billion (USD 188 million) in the same period last year. Consolidated revenues in the first quarter lower by 13% in the same period last year.
Retail accounted at 13% of SM’s reported net earnings. The total assets of SMIC remained at PHP1.2 trillion. Gearing ratio stood at 38% net debt to 62% equity.
SM Retail reported first-quarter revenues of PHP 70 billion (USD 146 million), lower by 14% compared to the same period last year. Retail net income however grew 36% in the same quarter last year, boosted by cost reductions. In Food Retail, significant savings were realized in utilities with the shift to more energy-efficient lighting and refrigeration.
Specialty stores likewise benefitted from cost reductions as net earnings grew 58% for this segment.