SM Investments Corp Posts 8.1 Percent Q1 Net Income Growth

MANILA, PHILIPPINES – SM Investments Corporation announced that its consolidated net income in the first quarter of 2015 grew 8.1% to PHP6.7bn (USD150 million), with net income margin at 10.4 percent.

“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.

SM Investments Corp Posts 8.1% Q1 Net Income Growth
SM Investments Corp Posts 8.1% Q1 Net Income Growth

Retail operations under SM Retail Inc. delivered sustained growth in total sales of 6.5 percent to PHP44.9 billion, while net income rose 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.

In banking, BDO Unibank, Inc. (BDO) recorded net interest income growth of 9.3 percent in the January to March period to PHP13.3 billion, with net income of PHP6.1 billion in the first quarter up 12 percent.

In property, SM Prime Holdings, Inc. registered revenues of PHP16.7 billion, an increase of 9.0 percent on the first quarter 2014.

Net income of PHP12.6 billion was up 176 percent on the same period last year, including an extraordinary gain of PHP7.4 billion from the sale of marketable securities.

Excluding the one-time gain, net income grew 14 percent to PHP5.2 billion in the first quarter of 2015. Revenues from retail and commercial spaces grew 10 percent in the period to PHP9.4 billion. – BusinessNewsAsia.com

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