MANILA, May 6 (PNA) — Tycoon Henry Sy-led conglomerate SM Investments Corp. (SM) booked an 8.1-percent increase in profit in the first quarter of 2015 on the back of banking, property and retail businesses.
In a disclosure to the Philippine Stock Exchange, SM said its consolidated net income reached PHP6.7 billion in January to March from PHP6.2 billion last year.
Its revenues also surged by 7.7 percent to PHP65.1 billion from PHP60.44 billion.
“We are focused on expanding all our core businesses given the favorable economic outlook. Our expansion plans are geared towards meeting the needs of underserved customers across the country and to positioning ourselves to compete effectively in each of our growing markets,” SM President Harley T. Sy said.
Banks accounted for 41 percent of net income, while property delivered 40 percent and retail contributed 19 percent.
BDO Unibank, Inc. (BDO) recorded a net income of PHP6.1 billion, up 12 percent from PHP5.45 billion.
Profit of SM Prime Holdings, Inc. surged by whopping 176 percent to PHP12.6 billion, including an extraordinary gain of PHP7.4 billion from the sale of marketable securities.
The housing group recorded a 6.7-percent increase in real estate sales to PHP5.4 billion, with reservation sales increasing 34 percent to PHP9.5 billion.
SM Retail Inc. delivered sustained growth with net income rising 6.5 percent to PHP1.3 billion.
SM’s food retail business continued to expand in both urban and rural communities, adding 10 new stores in various parts of Luzon, Visayas and Mindanao.
At end March 2015, SM Retail had a total of 279 stores, comprising 50 The SM Stores, 40 SM Supermarkets, 43 SM Hypermarkets, 120 Savemore stores and 26 WalterMart stores. (PNA)