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SM nets P23-B in first half



SM Investments Corp. (SMIC) reported net income of P23 billion in January to June of 2019 from P18.1 billion in the same period the previous year.

Consolidated revenues rose 14 percent to P233.7 billion in the first half from P204.3 billion in the same period last year.

“We delivered a strong first half, underpinned by remarkable bank earnings and robust residential take-up. Our retail business continues to do well and we are pleased with the rapid expansion of our minimart footprint through Alfamart,” SMIC president and chief executive officer Frederic DyBuncio said.

The property and banking businesses accounted for 41 percent and 40 percent of net income while retail contributed 19 percent.

“Our performance reflects our commitment to sustainable operations and adherence to good corporate governance which has been affirmed by our recent inclusion in the FTSE4Good index,” DyBuncio said.

SMIC and SM Prime Holdings Inc. (SM Prime) were recently confirmed as part of the FTSE4Good Index Series (FTSE4Good) for their strong Environmental, Social and Governance practices.

FTSE4Good is managed by FTSE Russell of the London Stock Exchange Group and is designed to identify companies that

SM Prime reported net income of P19.3 billion in the first half of the year, up 16 percent. Consolidated revenues increased by 15 percent to P57.0 billion from P49.8 billion in the same period last year.

Mall revenues which consist of rentals, cinema and event ticket sales and amusement revenues, accounted for 55 percent of total revenues and rose 8 percent to P31.1 billion in the first half. Mall rental revenues alone grew 7 percent to P26.2 billion driven by the 7 percent same-mall-sales growth and rising contribution from newly-opened and expanded malls in 2018.

SM Prime has a total of 72 malls in the Philippines and seven in China with a gross floor plate of 9.7 million square meters as of June 2019.

SM Prime’s residential group, which accounted for 38 percent of total revenues, recorded a 26 percent increase in revenues to P21.4 billion in the same period. High-rise housing projects in Metro Manila that were launched from 2016 to 2018 continued to drive the growth of this segment.