SM Investments Corp. Reports Q1 Net Income Drop of 16%

SM Investments Corp.'s (SMIC) net income dropped by 16% to PHP9 billion in Q1 due to the impact of the COVID-19 pandemic and enhanced community quarantine.

Despite this decline, consolidated revenues grew to PHP111.2 billion from PHP109 billion in the same period last year.

The retail segment saw a significant drop with net income falling 56% to PHP1.2 billion due to mall closures during ECQ.

Property operations also faced challenges with SM Prime Holdings reporting a 5% decrease in net income to PHP8.3 billion, while banking businesses showed mixed results: BDO Unibank's profit fell by 10%, but China Bank saw a 19% increase.

SMIC president Frederic DyBuncio highlighted the company's efforts to adapt through enhancing digital and delivery services across its core businesses.