SM Investments Corp. reported a 16 percent drop in first-quarter net income to P6.24 billion from P7.42 billion achieved a year earlier, with its banking arm BDO Unibank posting a profit decline in the absence of significant trading gains.
BDO’s net income in January-March 2014 slumped 46 percent to P5.5 billion from P10 billion recorded in the same period in 2013.
The other bank of the Henry Sy group, Chinabanking Corp., a savings bank, has not disclosed its financial results.
SM’s consolidated net income shows banks continued to account for the largest share, contributing 41 percent of the total, while the property business accounted for 40 percent and retail, 19 percent. Consolidated revenues rose 6 percent to P60.40 billion in the three-month period this year from P56.84 billion a year ago.
“The environment will continue to be challenging, but we are focused on strengthening our core businesses to build our markets,” SM president Harley Sy told the local bourse.
As for the group’s enlarged property business, real estate giant SM Prime Holdings Inc. (SM Prime) saw its consolidated net income rising 11 percent to P4.58 billion in the first quarter from P4.11 billion in the same period last year.