By P.R. Venkat

SM Investments Corp.'s first-quarter net profit fell 16% as Covid-19 restrictions hurt some of its businesses, the company said Thursday.

Net profit for the quarter ended March came in at 9 billion Philippine pesos ($177.7 million), the Philippine conglomerate said.

Revenue grew marginally to PHP111.2 billion from PHP109.0 billion a year earlier.

The company's mall business, which accounts for 47% of consolidated revenues, experienced a decline in income as many malls were temporarily closed due to the lockdown in the Philippines.

"Our strong balance sheet, capabilities and partnerships provide us with the flexibility to anticipate and adapt to changes in customer needs and behaviors," SM President Frederic C. DyBuncio said. 



  Write to P.R. Venkat at venkat.pr@wsj.com