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SM Investments Q1 profit climbs 6.7% YOY

SM Investments Corp. said its normalized net income for the first quarter amounted to 3.66 Philippine pesos per share, an increase of 6.6% from 3.43 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 4.37 billion pesos, a gain of 6.7% from 4.10 billion pesos in the prior-year period.

The normalized profit margin declined to 6.7% from 6.8% in the year-earlier period.

Total revenue grew 7.7% on an annual basis to 65.06 billion pesos from 60.40 billion pesos, and total operating expenses grew 6.8% from the prior-year period to 51.55 billion pesos from 48.27 billion pesos.

Reported net income rose 8.1% on an annual basis to 6.74 billion pesos, or 5.64 pesos per share, from 6.24 billion pesos, or 5.22 pesos per share.

As of May 15, US$1 was equivalent to 44.34 Philippine pesos.