MANILA, Philippines – SM Investments Corp. (SMIC), the listed investment holding firm of the family of retail tycoon Henry Sy, reported a 15.5 percent jump in net income during the second quarter on robust retail and property sales amid an economic downturn.
In a financial report filed with securities regulators, SMIC said its net earnings during the period amounted to P3.2 billion, bringing its first half net profit to P7.4 billion or an increase of 14 percent from the previous level of P6.5 billion.
Consolidated revenues reached P39.38 billion in the second quarter, up 15.38 percent from P34.13 billion, mainly coming from the retail business due to an improved consumer spending. In the first half, revenues rose 13 percent to P74.5 billion.
Given its strong financial results for the first half of the year, SMIC chief financial officer Jose Sio said the company is confident it would exceed its 12 percent income growth target for the year. “We are already tracking 14 percent growth. We will definitely exceed our income target of 12 percent,” he said.