SM Investments Corp. (SM) reported a nine percent increase in earnings during the first six months of 2018, boosted by the double digit growth of its property and retail units amid flattish results from the banking business.
In a statement issued Thursday, the Sy-led conglomerate said net income climbed to P18.1 billion in the January to June period of this year, higher than the P16.6 billion it posted in the same period a year ago. This came on the back of a 12% uptick in revenues to P204.9 billion, against P183.2 billion in the first half of 2017.
“We are encouraged by the results of the first half, driven by the strong performance of retail and property, particularly the residential business. 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 President Frederic DyBuncio said in a statement.– Arra B. Francia