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SMIC posts solid growth in Q1, profit rises to P10.7B May 8, 2019 @ 17:47

SMIC posts solid growth in Q1, profit rises to P10.7B

 

SM Investments Corp. had a strong start to 2019 with first quarter earnings growing 26% year on year to P10.7 billion on robust contributions across all units, particularly banks.

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Consolidated revenues expanded by 15% to P109 billion, SMIC said in a statement.

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Banks accounted for 42% of SMIC’s consolidated net income, followed by property (40%) and retail (18%).

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Banking arm BDO Unibank Inc. maintained its upward trajectory as profit soared 66% due to the continued expansion of its core banking operations, recovery of trading gains to normal levels and strong results from bank fees and life insurance premiums.

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China Banking Corp. likewise saw its earnings grow 24% to P1.9 billion due to robust growth of its core businesses.

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SMIC’s property business under SM Prime, reported a 16% percent jump in first quarter profit to P8.8 billion as revenues increased 14% to P26.5 billion.

SM Retail Inc., which consists of both food (SM Markets, WalterMart and Alfamart) and non-food (The SM Store and Specialty Retail), grew its net income 5% to P2.7 billion on the back of a 13% hike in revenues to P79 billion.

As of the end of March, SM Retail had a total of 2,385 stores comprising 63 The SM Stores, 1,388 specialty retail stores, 57 SM Supermarkets, 53 SM Hypermarkets, 194 Savemore, 52 WalterMart and 578 AlfaMart branches.

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