SMIC Q1 profit up 10%

SM Investments Corp. (SMIC) grew its first quarter net profit by 10 percent year-on-year to P8.5 billion.

Consolidated revenue rose by 11 percent year-on-year to P95 billion in the first quarter, SMIC told the Philippine Stock Exchange.

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

Retail operations under SM Retail Inc.—food (SM Markets) and nonfood (The SM Store and specialty retail)—reported growth in total sales of 10 percent to P67.4 billion in the first quarter, resulting in a 14-percent growth in net income to P2.6 billion.

At end-March, SM Retail had a total of 2,081 stores composed of 59 The SM Stores, 1,283 specialty retail stores, 53 SM Supermarkets, 47 SM Hypermarkets, 186 Savemore, 46 WalterMart and 407 Alfamart stores.

Other units performed in the first quarter as follow: SM Prime Holdings’ profit grew by 15 percent to P7.6 billion; BDO Unibank’s net income was up 6 percent to P5.9 billion, and China Bank profit rose 2 percent to P1.5 billion

SMIC’s total assets were up by 9 percent year-on-year to P972.1 billion as of end-March. —DORIS DUMLAO-ABADILLA