SM 1st-half profits hit P9.6B

MANILA, Philippines—Henry Sy’s conglomerate SM Investments Corp. grew its first-semester net profit by 13 percent to P9.64 billion from a year ago on strong contribution from its banking, retailing and shopping businesses.

Among SM’s core businesses, banks contributed the most to the company’s net income, accounting for 31.4 percent. This was followed by retail and shopping malls with 30.4 percent and 23.3 percent, respectively. SM’s real-estate business accounted for 14.9 percent, SMIC disclosed on Thursday.

The company’s consolidated revenues increased by 9 percent to P92.94 billion from a year ago. The robust performance of SM’s property group, particularly its residential development business, and the sustained growth of its banking subsidiaries contributed to these results, the disclosure said.

“SM consistently met its targets during the first six months of this year. This proven capability to deliver in spite of domestic and global challenges is brought about by the positive results regularly turned in by our core businesses. We intend to maintain this healthy level of performance, thus we are committed to challenge ourselves further and to continue seeking opportunities for added growth and expansion,” SM President Harley Sy said.