SMIC income up 8%

MANILA, Philippines — SM Investments Corp. (SMIC), the holding company of the Sy family, reported an eight percent growth in net income to P23.8 billion.

This was on the back of an eight percent hike in consolidated revenues to P272.2 billion.

“Property earnings were driven by nationwide mall expansion and the strong performance of residential developments. Retail also gained from footprint expansion and robust consumer sentiment, particularly in specialty retailing. We remain confident that our growth plans are on track,” said SM president Frederic DyBuncio said.

Property accounted for 40 percent of consolidated earnings, banks at 38 percent and retail at 22 percent.