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 malls win 2 awards in China

MANILA, Philippines - SM Prime Holdings' malls in Xiamen and Zibo will receive awards from China's largest shopping center retail organization Mall China.

In a statement, SM Prime said SM City Xiamen in Fuijian province will be awarded the Mall China Golden Mall Awards 2014 Excellent Upgrade.

SM City Xiamen will receive the award for its "great performance in renovation and upgrading." The mall completed its renovation in February 2013, as it added more international fashion and cosmetics brands and restaurants. It also launched a 1.1 Megawatt Rooftop Solar Power Project, the first of its kind in Xiamen, last June.

The yet-to-be-opened SM City Zibo, located in Shandong province, will be given the Mall China Golden Mall Awards 2014 Potential Project. SM City Zibo, which will be opened later this year, is the first shopping mall in Zichuan District with 150,000 square meters in floor space with more than 1,200 parking spaces.

The awarding ceremony will be held on April 7, 2014 at the Marriott Shanghai Hongqiao Hotel.

Mall China Information Center (Mall China) is the largest shopping center retail organization in China with 700 members, including investors, developers, operators, retailers and relevant service agencies.

The Golden Mall Awards recognize enterprises that have made outstanding contributions to the development of the shopping mall industry.

At present, SM Prime operates five malls in China namely in Xiamen, Jinjiang, Chengdu, Suzhou and Chongqing.

source: www.abs-cbnnews.com

Henry Sy Sr.'s long-time associate dies

MANILA - Senen Mendiola, the man who helped build the Philippines' largest shopping mall chain SM has passed away due to cardio-pulmonary arrest. He was 85.

Mendiola worked closely with shopping mall magnate Henry Sy Sr. for more than four decades and was a driving force in helping grow the SM brand.

From a single shoe store in Manila in the sixties, SM expanded to a full line store, and later on to department stores and malls.

Mendiola also served as director of SM Prime Holdings since 1994 and was vice chairman in a number of firms within the SM group. He also served as adviser to the board of BDO Unibank.

"Senen is like a brother to my dad. We grew up knowing him as a member of our family," Tessie Sy, eldest daughter of Sy Sr. and vice chairperson of SM Investments, said in a text message.

A graduate of San Beda College with a degree in Commerce, Mendiola is survived by his wife Josefina and four children, including Jorge who is currently president of SM Department Stores.

Wake is at the Sanctuario de San Jose in Greenhills. Interment will be on December 1, Saturday at the Loyola Memorial Park in Marikina City.

source: abs-cbnnews.com