MANILA, Philippines - SM Investments Corp. (SMIC), the holding firm of mall tycoon Henry Sy, saw its nine-month profit rise nearly 14% on the back of double-digit earnings growth across its core businesses.
In a statement, SMIC said its net income in January to September reached P14.17 billion, up 13.6% from P12.48 billion in the same period last year.
The company's revenues likewise grew 13% to P140.10 billion from P124.34 billion in 2010.
"SM realized its revenue and income growth objectives due to the consistent achievements attained by its subsidiaries," SM President Harley Sy said, adding that they expect continued growth in the last quarter, "traditionally the strongest" in the year.
SMIC's banking business, under Banco de Oro Unibank Inc. and China Banking Corp., accounted for 31.3% of the group's consolidated nine-month net income. This was followed by retail, shopping and property development, which contributed 28.1%, 23% and 17.6%, respectively.