By P.R. Venkat

SM Investments Corp.'s net profit in the first nine months of the year slid 54% from a year earlier as various businesses were affected by Covid-19 restrictions.

Net profit was 15.2 billion Philippine pesos ($314.7 million), the Philippine conglomerate said Wednesday.

Revenue slumped 18% to PHP286.7 billion.

The company's banking business, which accounts for 50% of the group's earnings, saw net income plunge 48% due to upfront provisions to cushion against the impact of the pandemic.

Similarly, the conglomerate's retail and mall business also saw a decline in revenues.

"We are encouraged by marked improvements in our results quarter-on-quarter as we saw renewed consumer activity," SMIC President Frederic C. DyBuncio said.

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

(END) Dow Jones Newswires

11-04-20 0032ET