MANILA May 14 SM Investments Corp, the
Philippines' second-biggest company by market value, said its
first-quarter net income fell 16 percent, largely due to lower
profits at its banking unit, BDO Unibank Inc.
SM's net income in January to March period was 6.24 billion
pesos ($142 million) compared with 7.42 billion in the same
period last year, it said in a statement on Wednesday.
Revenue grew 6 percent to 60.4 billion pesos.
SM, owned by the country's richest man Henry Sy Sr, also
controls SM Prime Holdings Inc, one of Southeast
Asia's biggest property groups with businesses in the
Philippines and China.
Click on (link.reuters.com/vap39v) to view the
company's statement on its results.
($1 = 43.7 pesos)
(Reporting by Erik dela Cruz; Editing by Miral Fahmy)