/ SM INVESTMENTS POSTS Q1 NET INCOME OF P9.5B

SM INVESTMENTS Corp. has reported its consolidated net income grew five percent to P9.5 billion in the January to March period from P9 billion in the same period last year. Consolidated revenues in the first quarter stood at P96.9 billion, lower by 13 percent from P111.2 billion in the same period last year. Banking accounted for 54 percent of SM’s reported net earnings from core businesses, followed by property at 33 percent and retail at 13 percent. The total assets of SMIC remained at P1.2 trillion. Gearing ratio stood at 38 percent net debt to 62 percent equity.