Dollar perps of SMC Global rebounded by 2-3 points after the company reported a 27% YoY jump in it Q1 profits. The conglomerate reported PHP 17.7bn ($320mm) in net profits with its operating income also rising by 8% to PHP 35.1bn ($630mn). The company’s revenues jumped 9% YoY to PHP 346.7bn ($6.2bn) and witnessed growth across its food, investments and infrastructure businesses. “With raw material prices expected to stabilize, we are confident we can deliver an even better performance in the coming months,” SMC President and CEO Ramon Ang said.
SMC Global’s dollar perps were among the biggest losers last week having dropped 3-6 points on Friday. However, their perps are still significantly lower from the beginning of the month, down over 13% MTD.
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