SM Investments Corp. (SMIC) reported on Thursday that its net income slumped to P9 billion in the first quarter of 2020, which it attributed to the impact of the coronavirus disease 2019 (Covid-19) pandemic and the lockdown the government imposed to contain it.

The Sy-led holding company said in a disclosure that the amount was a 16-percent decrease from the year-earlier figure. It also said its consolidated revenues climbed to P111.2 billion in the three months ending March from P109 billion in the same period last year.

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