SM Investments nets P21.5 billion in first quarter

MANILA, Philippines — Sy family-led SM Investments Corp. (SMIC) reported a 7 percent rise in first-quarter net income to P21.5 billion, driven by steady performance across core businesses.

The parent company of the SM group said on Wednesday that its consolidated revenues had climbed 5 percent to P159.4 billion last year, reflecting resilient consumer activity and diversified earnings streams.

Banking remained the biggest earnings contributor at 49 percent, followed by property at 28 percent, retail at 15 percent and portfolio investments at 8 percent.

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Retail net income grew 13 percent to P4.1 billion, lifted by strong non-food sales, particularly department stores, amid seasonal demand like graduation spending.

SMIC said total assets reached P1.8 trillion, supported by a conservative capital structure of 30 percent net debt and 70 percent equity. /dda

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