SM Investments Corp. registered a net income of P23.8 billion in the first three quarters of 2017, an 8 percent increase that was driven by strong growth in its property and retail businesses.
Consolidated revenues also rose 8 percent to P272.2 billion from P252.7 billion registered in the same period last year.
“Our solid third-quarter results benefitted from vibrant growth in our property and retail businesses. Property earnings were driven by nationwide mall expansion and the strong performance of residential developments,” SM President Frederic DyBuncio told the Philippine Stock Exchange.
“Retail also gained from footprint expansion and robust consumer sentiment, particularly in specialty retailing.
We remain confident that our growth plans are on track,” he added.
Retail operations under SM Retail, Inc. posted 6 percent growth in sales to P197.9 billion while net income rose 10 percent to P7.7 billion. Meanwhile, specialty retail posted 9 percent growth in revenues.
SM Prime Holdings, the conglomerate’s property arm, expanded its net income by 15 percent to P20 billion driven by additional rental revenues from mall expansions, consistent growth in same-mall sales and higher contribution from residential sales. Consolidated revenues were up 12 percent at P64.7 billion.
Banking arm BDO Unibank, Inc. earned P20.4 billion, up 5 percent from a year ago, on the back of sustained growth in its core lending, deposit-taking and fee-based businesses.
BDO’s net interest income grew 23 percent to P59.8 billion, supported by 18 percent growth in its customer loan portfolio to P1.7 trillion and 15 percent growth in deposits to P2.1 trillion. Fee-based income was up 30 percent at P20.8 billion.
SMIC is the conglomerate of tycoon Henry Sy, with operations in retail, property, mall operations, and banking.