SM INVESTMENTS Corp. records a 26.8% increase in consolidated net income in the first half to P25.5 billion, which it attributed to strong consumer spending on eased mobility restrictions. READ:
“Our financial performance was led by strong consumer spending across all categories and formats of our retail business and the return of crowds in malls,” SM Investments President and Chief Executive Officer Frederic C. DyBuncio said in a press release on Wednesday.
The company’s consolidated revenues also rose in the first half to P238.5 billion, a 23% increase from last year’s level. BDO Unibank, Inc. delivered P23.9 billion in net income in the first half, up by 12% from its previous year’s record.Property unit SM Prime Holdings, Inc. reported a 21% increase in consolidated net income to P14.1 billion.
“The decrease in revenues was partly due to canceled sales as an effect of the expiration of the Bayanihan Act, which gave a reprieve to unit buyers during the height of the pandemic, affecting the entire industry,” the company said.
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