SM Investments nets P60.9B

SM Investments Corp. (SMIC) | INQUIRER.net

SM Investments Corp., led by the billionaire Sy family, booked a 9-percent gain in earnings in the January to September period to P60.9 billion as falling interest rates buoyed its banking unit.

In a stock exchange filing on Wednesday, SMIC said revenues reached P462.5 billion, up by 5 percent.

READ: BIZ BUZZ: SM is conglomerate of the year

“We continued to see good growth across our businesses in the third quarter,” SMIC president and CEO Frederic DyBuncio said in a statement.

“With inflation easing, we remain positive. An improving macroeconomic environment should help both our businesses and consumers moving forward,” DyBuncio added.

Banking under BDO Unibank Inc., which again registered the highest nine-month earnings in Philippine corporate history, and China Banking Corp. accounted for the biggest share of the income pie at 50 percent. Property contributed 27 percent; retail, 15 percent; and portfolio investments, 8 percent.