“Looking ahead, our outlook remains cautiously optimistic and our expansion is on track,” he added.
The banking sector contributed 52 percent to the core business earnings, followed by property at 29 percent, retail at 12 percent, and portfolio investments at 7 percent.
SM Retail's net income decreased to P3.1 billion while revenues grew by 3 percent to P93.8 billion.
Food retail revenues rose by 6 percent to P57.0 billion, while non-food retail saw a decline with department stores generating P22.4 billion, down by 4 percent. Specialty retail revenues ended the period lower by 1 percent to P20.4 billion.
BDO Unibank's net income increased by 12 percent to P18.5 billion, driven by a 13 percent rise in net interest income, with similar growth in customer loans and deposits. China Banking Corp.’s net income also gained 18 percent to P5.9 billion.
Property giant SM Prime Holdings recorded an 11 percent increase in net income to P10.5 billion, with revenues up 7 percent to P30.7 billion.
The mall business contributed 59 percent to consolidated revenues with a 7 percent increase to P18.2 billion. Its residential group saw a 10 percent rise in revenues to P8.5 billion.
Portfolio investments bolstered earnings, driven by contributions from both Atlas Mining and the NEO Group.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
