SM Investments net income up to P37.1 billion in 2018

ABS-CBN News

Posted at Feb 28 2019 12:54 PM

Construction commences for an IKEA store at the SM Mall of Asia complex in Pasay City. George Calvelo, ABS-CBN News/File

MANILA -- SM Investments Corp said Thursday its net income grew 13 percent to P37.1 billion in 2018, on the back of sustained growth in its retail, property and banking businesses.

Property, which includes shopping malls, accounted for 41 percent of total earnings. Banks contributed 38 percent while the remaining 21 percent came from retail, the holding firm of the late tycoon, Henry Sy, said.

Shares of SM Investments were down 2.28 percent at noon trading Thursday after it disclosed 2018 results to the stock exchange. The main index was down 1.41 percent.

The SM group's shopping mall arm, SM Prime Holdings, grew 17 percent to P32.2 billion in 2018 compared to the previous year. Mall revenues grew 11 percent to P59.3 billion while rental income grew 11 percent to P50.5 billion.

Net income in the retail segment grew 8 percent to P11.3 billion. This includes The SM Store, SM Supermarkets, SM Hypermarkets, Savemore, WalterMart and Alfamart.

The country's largest lender, BDO Unibank, posted net income of P32.7 billion, up 17 percent. China Banking Corp's net income rose 7 percent to P8.1 billion.