MANILA, May 14 (Reuters) - 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