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SBS Philippines profit declines in first quarter

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SBS Philippines Corp saw its profit decline by a third in the first quarter of 2018, following higher finance costs and its share in the losses of associates.

In a statement issued Tuesday, SBS said it generated a net income of P18.6 million in the January to March period, P8.6 million lower than what it delivered at the same time a year ago.

“(This is) mainly due to the increase in both the finance cost and equity in net losses of the associate companies incurred by the group,” the company said. — Arra B. Francia