August 12, 2013

SMIC profit up 16% in H1

SM Investments Corp. (SMIC) recorded a 16-percent jump in net income to P12.6 B in the first half of the year as BDO delivered a stellar performance from trading gains. Revenues climbed 16% to P122.1 B. SMIC derived 49.7% of its income from banking (BDO Unibank), 20% from retail operations (SM Retail Inc.), 18.4% from commercial centers (SM Prime Holdings Inc.) and 11.9% from real estate (SM Development Corp. and SM Land Inc.).

BDO, the country’s largest bank in terms of assets, doubled its net income to P14.1 B in the first half from P5.8 B as net interest income rose 14% to P20 B and non-interest income surged 81% to P20.3 B.

The mall operations, through SM Prime, posted a 15-percent growth in net income to P5.6 B from P4.9  B in the same period last year. Revenues increased 14% to P16.6 B from P14.6 B on the back of strong consumer spending and new shopping malls.

For retail operations, SM Retail said it recorded a net income of P3.1 B, up 9.9% from a year ago, supported by a 13.3-percent growth in sales to P83.6  B. As of end-June, SM Retail had a total of 209 stores consisting of 48  SM Department Stores, 38 SM Supermarkets, 37 SM Hypermarkets and 86 SaveMore stores. - WealthSec