SM Investments Corp. (SMIC), the holding firm of the Sy family, reported higher income growth in the first three months, as most of its core businesses performed very well.
SMIC said consolidated net income for the period grew 8.1 percent to P6.7 billion, from P6.24 billion the previous year, and a net income margin of 10.4 percent.
Excluding extraordinary items, recurring net income increased 11 percent from last year.
The first-quarter figure, however, proved lower than the P7.42 billion generated in 2013, partly as a result of the trading gains of its banking units that made up more than 40 percent of its business.
“We are focused on expanding all our core businesses, given the favorable economic outlook. Our expansion plans are geared toward meeting the needs of underserved customers across the country and to positioning ourselves to compete effectively in each of our growing markets,” SM President Harley T. Sy said in a statement.
Revenues grew 7.7 percent to P65.1 billion, from last year’s P60.4 billion.
Banks accounted for 41 percent of total net income, while property delivered 40 percent, and retail contributed 19 percent.
Retail operations under SM Retail Inc. delivered a growth in total sales of 6.5 percent to P44.9 billion, while net income rose 6.5 percent to P1.3 billion.
SM’s food-retail business continued to expand in both urban and rural communities, adding 10 new stores in various parts of Luzon, the Visayas and Mindanao, the company said.
By the end of the quarter, SM Retail had a total of 279 stores, comprising 50 department stores, 40 supermarkets, 43 hypermarkets, 120 Savemore stores and 26 WalterMart stores.
BDO Unibank Inc., the country’s largest lender, reported net interest- income growth of 9.3 percent during the period to P13.3 billion, with net income of P6.1 billion in the first quarter up 12 percent.
VG Cabuag