SMIC 9-month net income up 11% at P22B

Sy-led SM Investments Corp. (SMIC) saw its net income increase by 11 percent at P22 billion in January to September year-on-year.

Consolidated revenue stood at P252.4 billion, up 9 percent from P230.8 billion in the same comparable period.

In a disclosure to the Philippine Stock Exchange on Wednesday, SMIC said earnings were mainly driven by its property, banking, and retail businesses.

Banking and property each accounted for 39 percent of the company's nine-month bottom line, while retail contributed 22 percent.

“Our core businesses are delivering solid growth in line with the investments we have made and against a background of stable economic fundamentals," said SMIC President Harley T. Sy.
                                                    
SM Retail Inc. posted a net income of P7 billion, up 7 percent. BDO Unibank's net income reached P19.3 billion, up 10 percent, while China Banking Corp. reported a 31-percent net income growth at P4.8 billion. SM Prime Holdings Inc.'s recurring net income stood at P17.5 billion, up 13 percent.

As of end-September, SMIC's total assets amounted to P813.5 billion, up 9 percent. — Ted Cordero/VDS, GMA News