SMIC nets P19.4B

/ 01:28 PM November 04, 2015

SY family-led conglomerate SM Investments Corporation (SMIC) grew its nine-month net profit by 7 percent year-on-year to P19.4 billion, driven by higher earnings across its retailing, banking and property businesses.

Excluding extraordinary items, SMIC’s recurring net income grew by 12 percent year-on-year on the back of a 7-percent rise in consolidated revenues to P206.2 billion for the nine-month period.


“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,” SMIC president Harley Sy said in a press statement on Wednesday.

SMIC’s underlying earnings expansion was driven by a 21-percent year-on-year growth in retail earnings and 15 percent growth in property recurring net income while the banking business also expanded earnings by 5 percent.


For the first nine months, banks accounted for 40 percent of SMIC’s consolidated earnings while property accounted for 39 percent and retail had a share of 21 percent.

Retail operations under SM Retail Inc. reported a 6.5 percent growth in total sales to P145.3 billion in the nine-month period while net income rose by 21 percent year-on-year to P4.6 billion.

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: SM, SM Investments Corp., SMIC, Sy family
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.