SM nets P7.4 B in 1st Q

Henry Sy Sr. file photo

MANILA, Philippines—Tycoon Henry Sy’s SM Investments Corp. grew its first quarter net profit by 22 percent year-on-year to P7.4 billion on the back of the group’s banking business alongside the growth in mall and property units.

Revenues increased to P56.8 billion from P49.6 billion in the first quarter of 2012 while cash flow, as measured by earnings before interest, taxes, depreciation and amortization, rose by 36 percent year-on-year to P16.9 billion for an EBITDA margin of 29.7 percent. Return on equity amounted to 13.6 percent.

SM President Harley Sy said in a press statement: “We are encouraged by our first-quarter results. With the continuing rise in remittances from overseas Filipinos, the expansion of the country’s BPO (business process outsourcing) sector, and the recent credit upgrade of the Philippines to investment grade, we are confident of achieving even better results in the second quarter and beyond.”