SMIC net income rises 9% to 118.1 B

SM Investments Corporation (SMIC), the flagship of the Sy family, reported a 9.0 percent growth in net income to 118.1 billion in the first half of 2018 from 116.6 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues rose 12 percent to 1204.9 billion in the first half from 1183.2 billion in the same period last year.

“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business,” SM President Frederic DyBuncio said.

He added that, “our results show the strength of the economy and consumer sentiment but we remain vigilant about inflationary pressures. We are optimistic that consumption will remain resilient.”

SM said its property business contributed the most to consolidated net income at 45 percent. This was followed by banks with 33 percent and retail with 22 percent.

SM Retail reported sustained growth in total sales of 10 percent to 1145.0 billion, while net income also rose 10 percent to 15.7 billion.

Revenues from SM Retail’s specialty retail stores grew 17 percent to 137.3 billion, in part driven by expansion and new formats such as Miniso, which had 55 stores at the end of the first half.

SM Prime Holdings reported consolidated net income of P16.6 billion in the first half of the year, up 16 percent. Consolidated revenues increased 15 percent to 149.8 billion from P43.3 billion in the same period last year.

BDO Unibank, Inc. (BDO) reported its first half net income at 113.1 billion. Excluding the impact of Philippine Financial Reporting Standards (PFRS9) on the investment portfolio of BDO Life and the ongoing expansion of One Network Bank, net income would have increased by 13 percent.

China Banking Corporation reported net income at 13.6 billion for the first half. Recurring income grew 15 percent to 113.3 billion, driven by sustained growth in core businesses.