SM nets P15B in 9 mos.


    SM Investments Corp. recorded profit of P15.2 billion in the first three quarters of the year, down 54 percent from P33.1 billion last year.

    Revenues amounted to P286.7 billion, down 18 percent from P350.7 billion last year.

    The company said its banking business accounted for 50 percent of SM’s reported net earnings from core businesses, followed by property at 41 percent and retail at 9 percent.

    SM Retail posted profit of P2.2 billion, down 74 percent, with revenues at P216.3 billion, down 15 percent from last year.

    SM Prime Holdings Inc. posted profit of P14.4 billion, down 48 percent, with revenues at P60.7 billion, down 29 percent.

    BDO Unibank recorded profit of P16.6 billion, down 48 percent from last year due to the upfront provisions booked in the second quarter in anticipation of potential delinquencies due to the pandemic.

    China Banking Corp. posted P8.2 billion in profit, up 23 percent from last year.