SM Investment Corp. First Half Profit Down 69%

SM Investment Corp. (SMIC) reported its consolidated income for the first half of 2020 fell to ₱7.1 billion year-on-year. SMIC reported first quarter net profit of ₱9 billion, implying a net loss of ₱1.9 billion for the second quarter.

Consolidated revenues fell by 21% year-on-year to ₱185.5 billion in the first half of the year, property and banking businesses accounted for 61% and 34% of net income, with retail accounting for the remaining 5%.

Frederic DyBuncio, SMIC president and chief executive officer, said “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. The results also reflect the group’s continued financial prudence and conservative balance sheet after our banks made substantial provisions for potential customer delinquencies,”

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