Manila, May 21 -- The country's largest conglomerate SM Investments Corporation (SM) on Thursday reported its profit declined by 16 percent in the first quarter of 2020 due partially to effects of the coronavirus disease 2019 (Covid-19) pandemic and enhanced community quarantine (ECQ).
In a statement, SM said net income stood at PHP9 billion in January to March from PHP10.7 billion during the same period last year.
Consolidated revenues rose to PHP111.2 billion from PHP109 billion.
Banks contributed 46 percent of net income, while property and retail added 44 percent and 10 percent, respectively.
"The ECQ and broader pandemic started to weigh on our performance during the first quarter. Our strong balance sheet, capabilities and partner...