Banking boosts profit of Henry Sy's SM
MANILA, Philippines – SM Investments Corp. (SMIC), the holding firm of the country's richest man Henry Sy, posted a 16% growth in first-half earnings, driven by the strong performance of its banking and mall businesses.
In a statement on Thursday, August 8, SMIC said its end-June net income stood at P12.6 billion, versus P10.9 billion in the same period of 2012.
Revenues jumped 16% to P122.1 billion from P105.1 billion.
"Our first-half financial results is ahead of our full-year target as BDO Unibank Inc. delivered a stellar performance from trading gains," said SMIC president Harley Sy.
"We expect the second half to normalize, but still at the back of the strong growth expectations of all our core businesses."
SMIC's banking group accounted for 49.7% of its net income. Retail merchandising accounted for 20%, followed by malls, with 18.4%, and real estate, with 11.9%. – Rappler.com