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SM Investments Q1 profit climbs 9.0% YOY

SM Investments Corp. said its first-quarter normalized net income came to 4.24 Philippine pesos per share, an increase of 9.0% from 3.89 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.11 billion pesos, an increase of 9.0% from 4.69 billion pesos in the prior-year period.

The normalized profit margin climbed to 6.0% from 6.0% in the year-earlier period.

Total revenue climbed 7.7% year over year to 84.47 billion pesos from 78.42 billion pesos, and total operating expenses increased 7.3% on an annual basis to 67.61 billion pesos from 62.99 billion pesos.

Reported net income grew 8.2% on an annual basis to 7.69 billion pesos, or 6.39 pesos per share, from 7.11 billion pesos, or 5.90 pesos per share.

As of May 15, US$1 was equivalent to 49.62 Philippine pesos.