MANILA— SM Investments Corp (SMIC) said Friday its net income declined by 48 percent in 2020 dragged by the impact of the coronavirus pandemic.
Net income is at P23.4 billion from P44.6 billion in 2019, the SMIC said in a disclosure to the stock exchange. Consolidated revenue is at P394.2 billion last year from P502 billion the previous year.
The banking and property businesses accounted for 55 percent and 33 percent of the net income while retail contributed 12 percent, it said.
Banks, food retail and residential property "performed well," while non-food retail operations "showed steady improvements," SMIC President Frederic DyBuncio said.
"Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of customers," DyBuncio said.
SM Investment is "cautiously optimistic" about 2021, DyBuncio said.
Revenues of SM Retail Inc declined 19 percent to P296.8 billion from P366.8 billion in 2019, it said.
Malls were temporarily shut during the COVID-19 lockdown imposed in March. Retail establishments are now allowed to operate at limited capacity.
Despite the pandemic, SM Retail grew its network to 3,019 outlets in 2020, it said.
SM Investment said SM Prime Holdings posted a net income of P18 billion last year from P38.1 billion in 2019, while its banking arm BDO Unibank registered a net income of P28.2 billion from P44.2 billion in 2019.
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