SM Investments' Profit Rose on Higher Discretionary Spending, Bank Earnings
By Rthvika Suvarna
SM Investments Corp. reported a rise in quarterly profit, thanks in part to higher discretionary spending and an uptick in banking activity.
The Philippine investment holding company said Wednesday that second-quarter net profit rose 13% from a year earlier to 21.8 billion Philippine pesos ($377.0 million). Banking contributed about 50% of the bottom line, while property and retail contributed 27% and 14%, respectively, SM Investments said.
Quarterly revenue rose about 6% to PHP157.7 billion. SM Investments said retail spending in the health and beauty segment rose 16% while fashion sales rose 10.5%.
"We remain cautiously optimistic for the balance of the year," said Chief Executive Frederic C. DyBuncio.
SM Investments has interests in the Philippines' largest bank--BDO Unibank--as well as China Banking Corp., property arm SM Prime Holdings and retail operations that include grocery stores and specialty stores, among others.
Write to Rthvika Suvarna at rthvika.suvarna@wsj.com
(END) Dow Jones Newswires
August 07, 2024 05:28 ET (09:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks