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SM Investments profit misses consensus by 46.7% in Q3

SM Investments Corp. said its normalized net income for the third quarter was 3.37 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 6.33 pesos per share.

EPS climbed year over year from 3.28 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.04 billion pesos, a gain from 3.92 billion pesos in the prior-year period.

The normalized profit margin declined to 5.3% from 6.3% in the year-earlier period.

Total revenue grew 7.4% year over year to 67.07 billion pesos from 62.46 billion pesos, and total operating expenses grew 7.0% from the prior-year period to 54.41 billion pesos from 50.86 billion pesos.

Reported net income grew from the prior-year period to 5.94 billion pesos, or 4.96 pesos per share, from 5.85 billion pesos, or 4.89 pesos per share.

As of Nov. 13, US$1 was equivalent to 47.15 Philippine pesos.