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SMIC posts P7.1-B net profit in H1, down 69%

SM Investments Corporation (SMIC) reported a 69 percent decline in consolidated net income to P7.1 billion in the first half of 2020 from P23.0 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues decreased 21 percent to P185.5 billion in the first half from P233.7 billion in the same period last year.

SMIC said its property and banking businesses accounted for 61 percent and 34 percent of net income while retail contributed 5 percent.

“Our half year financial results are within our overall expectations, given the context of the lockdown due to the COVID-19 outbreak which had a greater impact in the second quarter,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said.

He noted that, “The results also reflect the group’s continued financial prudence and conservative balance sheet after our banks made substantial provisions for potential customer delinquencies.”

“Our food retail and residential property businesses have continued to perform well despite the pandemic as have the core businesses of our banks,”DyBuncio said.

He added that, “The current environment has been most challenging for our non-food retail and mall operations which have adapted quickly to new customer needs and critical safety considerations. All our businesses will continue to prioritize health and safety as well as convenience for our customers and stakeholders.”

SM Retail reported revenues of P139.2billion, lower by 18 percent while net income was at P522 million from P5.7 billion the previous period.

Notable is the growth in food retail, particularly in store locations that are closer to residential communities and provide a sustained supply of essentials.

In the first half, food retail revenues grew 15 percent with Alfamart posting an increase of 32 percent in revenues in the same period.

SM Prime Holdings, Inc. posted a consolidated net income of P10.4 billion, down 46 percent from P19.3 billion in the same period last year.

BDO Unibank, Inc. (BDO) recorded P4.3 billion in profits in the first half versus P20.1 billion in the comparable period last year as the bank booked total provisions of P22.4 billion in anticipation of potential delinquencies due to the COVID-19 pandemic.

China Banking Corporation (China Bank) posted P5.2 billion in net income in the first half of 2020, up 24 percent year-on-year despite ramping up provisions more than fourteen times to P4.8 billion.


Source: Manila Bulletin (https://mb.com.ph/2020/08/05/smic-posts-p7-1-b-net-profit-in-h1-down-69/?utm_source=rss&utm_medium=rss&utm_campaign=smic-posts-p7-1-b-net-profit-in-h1-down-69)

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