The core business of SM Investments Corp., the holding company of the Sy family and the country's wealthiest, drove its earnings to grow by double digits in the year's first nine months.
In a statement to the Philippine Stock Exchange on Monday, SM Investments said its net income increased 13.6 percent to P14.17 billion as consolidated revenues jumped 13 percent to P140.10 billion.
"SM realized its revenue and income growth objectives due to the consistent achievements attained by its subsidiaries. Our strategy is to focus on our core businesses where we have the necessary expertise to continually expand and deliver value for all our stakeholders. We intend to maintain this approach in the last quarter of 2011, which is traditionally our strongest period," said Harley Sy, SM Investments president.
Among SM's core businesses, banks contributed the most at 31.3 percent to the company's consolidated net income. This was followed by retail and shopping malls with 28.1 percent and 23 percent, respectively. The real property business accounted for 17.6 percent. CMA/OMG, GMA News
Source: gmanews.tv
