Revenues rose 4 percent to P482.3 billion, driven by broad-based growth across its core units.
Management’s view
“The third quarter performance remained within our expectations. Despite the challenges brought about by adverse weather and flooding, we continued to see resilient financial performance across our businesses,” said Frederic C. DyBuncio, president and CEO of SM Investments.
“While external factors may temper overall economic growth, we maintain an optimistic outlook as we move into the fourth quarter,” he added.
Banking and property lead growth
Banking remained SM’s biggest earnings engine, contributing half of total profit.
BDO Unibank posted P63.1 billion in net income, up 4 percent, on stronger lending and higher net interest income, while China Bank grew profit 10 percent to P20.2 billion as loans and deposits expanded across segments.
Consumer, retail, and property stay resilient
SM Prime Holdings lifted profit 10 percent to P37.2 billion, driven by a 7 percent rise in mall and convention revenues and steady hotel growth as tourism picked up.
The residential business softened slightly, while retail sales rose 5 percent to P318.1 billion, with food retail up 7 percent and specialty stores seeing steady gains in fashion, kids, and home products.
Diversified portfolio offsets headwinds
Beyond its core units, SM’s portfolio investments, led by Philippine Geothermal Production Co., NEO, and 2GO, provided added resilience, with 2GO’s profit jumping 65 percent on strong travel and logistics recovery.
—Edited by Miguel R. Camus
