SM Investments H1 earnings up 10% to P40.2B

SM Investments Corp. (SMIC) | INQUIRER.net

MANILA, Philippines — SM Investments Corp. (SMIC), the country’s largest company in terms of market capitalization, booked a 10-percent increase in earnings in the first semester to P40.2 billion, buoyed by its property and banking units.

The Sy family-led conglomerate on Wednesday said revenues inched up by 5 percent to P301.4 billion.

“SM’s double-digit growth in the first half reflects a positive environment for our businesses,” SMIC president and CEO Frederick DyBuncio said in a statement.

Banking under BDO Unibank Inc. and China Banking Corp. accounted for 50 percent of the conglomerate’s total earnings, while property via SM Prime Holdings Inc. contributed 27 percent.

SM Retail accounted for 14 percent, while portfolio investments’ share was 9 percent.