MANILA - SM Investments Corp. said Wednesday its net income grew 8 percent in 2016 on the back of strong revenues in retail and property.
The company said last year's net income increased to P31.2 billion as consolidated revenues grew 9 percent to P362.8 billion from the P332.8 billion in 2015.
Net income of the retail arm grew 7 percent to P10.6 billion while the net income of the property unit surged 14 percent to P23.8 billion.
"SM continues to prioritize regional investment and our nationwide expansion plans are focused on effective execution," company president Harley Sy told the stock exchange.
SM shares were down 0.45 percent to P660 on Wednesday.