SM Investments' Jan-Sept revenues reach P206-B

MANILA - SM Investments Corp. (SMIC) posted consolidated revenues of P206.2 billion for the first nine months of the year, up 7 percent from the year-ago figures.

SMIC said its consolidated net income from January to September 2015 also grew by 7 percent to P19.4 billion.

“Our strong results year-to-date reflect our ongoing focus on delivering footprint expansion across the country and on driving cost competitiveness in all our core businesses," SM president Harley Sy said in a statement on Wednesday.

The biggest contributor to SM's consolidated earnings for the first nine months is the banking unit, accounting for 40 percent.

BDO Unibank Inc. recorded net interest income growth of 12 percent to P41.8 billion in the first nine months, with net income up 5 percent to P17.6 billion.

SM's property unit, SM Prime, accounted for 39 percent of total earnings and reported income growth of 70 percent to P22.9 billion from January to September.

By the end of the year, SM Prime will have a total of 55 malls in the Philippines and six malls in China.

source: www.abs-cbnnews.com

SM Investments says earnings rise by double digits

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