SMIC 9-mth consolidated net income up 7% at P19.4B

SM Investments Corp. (SMIC), the holding firm of the richest man in the Philippines, Henry Sy, said its consolidated net income improved by 7 percent to P19.4 billion in the first nine months of the year, from P18.15 billion a year earlier, due to the strong performance of its property and retail businesses.

Revenues rose 7 percent to P206.2 billion from P193.21 billion in the comparable period a year earlier on the back of a 21-percent increase in its retail business and 15 percent in recurring net income from its property arm, the group said in its disclosure to the Philippine Stock Exchange.