SMIC adapts to new normal !-- -- Iris Gonzales (The Philippine Star) - June 25, 2020 - 12:00am MANILA, Philippines SM Investments Corp. (SMIC) of the Sy family is adapting to the new normal to cope with changing consumer behavior as a result of the coronavirus disease 2019 or COVID-19 pandemic.

SMIC vice chairperson Teresita Sy-Coson said the company has strengthened its digital and logistics components to be able to continue servicing its customers. Company president Frederic DyBuncio noted SMIC's strong financial condition, which would allow it to survive the crisis.

SMIC has put in place reforms such as online services and deliveries for its grocery with digital network payments through its banks, he said. The conglomerate posted a net income of P9 billion in the first quarter, down 16 percent due to the Luzon-wide enhanced community quarantine imposed in mid-March as a result of the pandemic.

This despite an increase in consolidated revenue from P109 billion to P111.2 billion. By segment, banks contributed 46 percent of net income, while property and retail added 44 percent and 10 percent, respectively.

Property arm SM Prime reported a five percent drop in consolidated net income to P8.3 billion, while BDO Unibank posted P8.8 billion in net income in the first quarter from P9.8 billion the previous year. China Bank, on the other hand, saw its net income increase 19 percent to P2.2 billion, driven by sustained growth of its core businesses.

© Pakistan Press International, source Asianet-Pakistan