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SM Investments Q2 profit climbs 10.9% YOY

SM Investments Corp. said its normalized net income for the second quarter amounted to 3.75 Philippine pesos per share, a gain of 10.8% from 3.39 pesos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.49 billion pesos, an increase of 10.9% from 4.04 billion pesos in the year-earlier period.

The normalized profit margin declined to 5.0% from 5.7% in the year-earlier period.

Total revenue increased year over year to 73.87 billion pesos from 70.54 billion pesos, and total operating expenses rose from the prior-year period to 59.23 billion pesos from 56.70 billion pesos.

Reported net income increased 11.2% on an annual basis to 6.75 billion pesos, or 5.65 pesos per share, from 6.07 billion pesos, or 5.08 pesos per share.

As of Aug. 13, US$1 was equivalent to 46.19 Philippine pesos.