BY ANGPING & ASSOCIATES SECURITIES
SM Investment Corporation (SM) reported a net income of PHP 28.4 billion, up 3.7 % y-o-y.
Consolidated revenues climbed 9 .0 % year-on-year to PHP 275.7 billion from PHP 253.3 billion in 2013 on the back of a good retail sales environment and rental revenues.
SM’s banking business, composed of BDO Unibank, Inc. and China Banking Corp., accounted for 41 .0 % of the conglomerate’s income.
SM Prime Holdings, Inc., which contributed 38 .0 % to the parent company’s bottom line, increased its consolidated net profit by 13 .0 % to PHP 18.4 billion, supported by an 11 .0 % expansion in revenue to PHP 66.2 billion.