6 months SM profit climbs 13% to P37 billion in 2018 MB |Biz
By James A. Loyola SM Investments Corporation (SM), the flagship of the Sy family, registered a 13 percent growth in net income to P37.1 billion last year from P32.9 billion in 2017 on stronger revenues. In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues also rose 13 percent to P449.8 billion in 2018 from P397.9 billion the previous year. Property accounted for 41 percent of total earnings, with banks comprising 38 percent and retail 21 percent. “Our very good results in 2018 were driven by all three core businesses, retail, banking and property, each ... more