SMIC nets P28.4B

CONGLOMERATE SM Investments Corp. reported flat earnings in 2015 but excluding non-recurring items, core net profit rose by 13 percent.

In a disclosure to the Philippine Stock Exchange on Monday, SMIC said consolidated net income stood at P28.4 billion in 2015, posting the same level as last year. Consolidated revenues grew by 7 percent to P295.9 billion for the period.


“Our strong underlying earnings growth in 2015 was due to favorable domestic market conditions and improved efficiencies which helped us widen our margins particularly in retail and property,” SM president Harley Sy said.
 
The increase in SM’s underlying earnings was attributed to the following: a 17 percent growth in retail earnings, 14 percent growth in property recurring net income and 10 percent growth in bank net income.

For 2015, banks accounted for 40 percent of SM’s consolidated earnings while property and retail accounted for 38 percent and 22 percent.
 
Retail operations under SM Retail Inc. – which consist of both food (SM Markets) and non-food (The SM Store), reported sustained growth in total sales of 7 percent to P211.4 billion, while net income rose by 17 percent to P6.8 billion.