SM Investments Q1 net income down 16 pct


Posted at May 14 2014 12:14 PM | Updated as of May 14 2014 08:14 PM

MANILA - SM Investments Corp., the Philippines' second-biggest company by market value, said its first-quarter net income fell 16 percent, largely due to lower profits at its banking unit, BDO Unibank Inc.

SM's net income in January to March period was P6.24 billion ($142 million) compared with P7.42 billion in the same period last year, it said in a statement on Wednesday.

Revenue grew 6 percent to P60.4 billion.

SM, owned by the country's richest man Henry Sy Sr, also controls SM Prime Holdings Inc., one of Southeast Asia's biggest property groups with businesses in the Philippines and China.