Sy-led SM Investments Corp. (SMIC) saw its net income decrease to P15.2 billion in the nine months ending September despite posting a substantial growth in earnings in the third quarter. Another Sy-led lender, China Banking Corp. saw its net profit improve by 23 percent to P8.2 billion from the year-earlier amount. Revenues of SM Retail was down 15 percent to P216.3 billion in January to September, while its retail net income sank by 73 percent to P2.2 billion. Revenues of its food retail business grew by 11 percent as Alfamart, which is set to open its 1,000th store on November 11, saw a 27-percent growth in revenues. Revenues of the SM Store surged by 109 percent to P10.5 billion quarter-on-quarter while those of its specialty stores likewise soared by 93 percent to P14.2 billion.

Source: Manila Times November 04, 2020 16:18 UTC