SM Investments Jan-Sept profit up 14% at P8.5B

Holding firm SM Investments Corp. on Wednesday announced that its net income for the first nine months of the year rose 14 percent to P8.5 billion. Excluding extraordinary items, the company’s recurring income grew 22 percent to P6.2 billion. "We are encouraged by SM’s performance during the first nine months of 2007. While the strong Peso and higher oil prices could eventually affect the spending pattern of many Filipinos, we expect sales to remain strong as we move towards the holiday season allowing us to achieve our full-year targets." SM Investments president Harley Sy said in a statement to the Philippine Stock Exchange. "As we look beyond 2007, we are confident that the Philippine economy has sufficient momentum to cope with the external challenges facing it. As such, we will pursue our expansion plans across all our core businesses," he added. SM Investments said its consolidated revenues rose 96 percent to P82.6 billion during the first nine months of the year. – GMANews.TV