Philippines' SM Investments 2013 profit up 11 pct

MANILA, March 3 Sun Mar 2, 2014 11:47pm EST

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MANILA, March 3 (Reuters) - SM Investments Corp, the Philippines' second largest company by market value, on Monday posted an increase of 11 percent in 2013 profit, driven largely by the record earnings of its banking unit.

SM, owned by the country's richest man, Henry Sy Sr, reported full-year net income of 27.4 billion pesos ($614 million) compared with 24.7 billion pesos the year before.

Revenue grew 13 percent to 253.5 billion pesos, the company said in a statement. It did not disclose quarterly results.

SM has controlling stakes in SM Prime Holdings Inc , which owns and operates malls in the Philippines and China, as well as in the Philippines' biggest lender, BDO Unibank Inc.

Click on ( to view the company's statement on its results. ($1=44.6 pesos)

(Reporting by Erik dela Cruz)

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