By P.R. Venkat
SM Investments Corp.'s first-half net profit fell 69% from a year earlier, as its various businesses were affected by Covid-19 restrictions.
Net profit for the period ended June was 7.1 billion Philippine pesos ($144.73 million), the Philippine conglomerate said.
Revenue was down 21% at PHP185.5 billion.
The company's mall business, which accounts for 47% of consolidated revenue, experienced a decline in income as many malls were temporarily closed due to the Covid-19 lockdown in the country.
"The current environment has been most challenging for our non-food retail and mall operations which have adapted quickly to new customer needs and critical safety considerations," SM President Frederic C. DyBuncio said.
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