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SM takings tumble due to Covid-19 pandemic

Philippines investments firm SM has brought in the equivalent of US$142.6 million in revenue during the first six months of the year.

The takings were 69 per cent lower than takings for the same period last year against the backdrop of the continuing coronavirus pandemic.

Reported revenues for SM Retail were lower than last year’s figures by 18 per cent, while retail net income was at $10.6 million, down from $116 million last year. Despite the sharp downturn, food retail grew in stores providing essentials to nearby residential communities.

“Our half-year financial results are within our overall expectations, given the context of the lockdown due to the Covid-19 outbreak which had a greater impact in the second quarter,” said SMIC president and CEO Frederic C. DyBuncio.

“The results also reflect the group’s continued financial prudence and conservative balance sheet after our banks made substantial provisions for potential customer delinquencies.”

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