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SM Investments profit misses consensus by 31.9% in Q3

SM Investments Corp. said its third-quarter normalized net income was 4.09 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 6.00 pesos per share.

EPS rose 6.8% year over year from 3.83 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.92 billion pesos, a gain of 6.7% from 4.61 billion pesos in the prior-year period.

The normalized profit margin fell to 5.4% from 5.6% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to 90.62 billion pesos from 83.04 billion pesos, and total operating expenses rose 7.7% on an annual basis to 73.41 billion pesos from 68.15 billion pesos.

Reported net income increased 5.9% year over year to 7.20 billion pesos, or 5.98 pesos per share, from 6.80 billion pesos, or 5.64 pesos per share.

As of Nov. 16, US$1 was equivalent to 50.74 Philippine pesos.