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SM Investments profit misses consensus by 35.6% in Q2

SM Investments Corp. said its normalized net income for the second quarter was 4.76 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 7.39 pesos per share.

EPS rose 8.9% year over year from 4.37 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.73 billion pesos, a gain of 8.8% from 5.27 billion pesos in the prior-year period.

The normalized profit margin rose to 5.9% from 5.8% in the year-earlier period.

Total revenue rose 6.4% on an annual basis to 97.09 billion pesos from 91.24 billion pesos, and total operating expenses rose 5.4% on an annual basis to 77.52 billion pesos from 73.53 billion pesos.

Reported net income rose 9.7% on an annual basis to 8.90 billion pesos, or 7.39 pesos per share, from 8.11 billion pesos, or 6.73 pesos per share.

As of Aug. 15, US$1 was equivalent to 51.44 Philippine pesos.