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Philippines' SM Investments H1 net jumps 16 pct y/y
August 8, 2013 / 1:26 AM / 4 years ago

Philippines' SM Investments H1 net jumps 16 pct y/y

MANILA, Aug 8 (Reuters) - Conglomerate SM Investments Corp , the Philippines’ most valuable listed firm, posted a 16 percent rise in first-half profit on Thursday after its shopping mall, property, retail and banking businesses gained from robust domestic demand.

SM Investments, owned by the Philippines’ richest man, Henry Sy, reported a net profit of 12.6 billion pesos ($288 million)for January to June, compared with 10.9 billion pesos in the same period last year.

Total revenue grew 16 percent to 122.1 billion pesos, it said in a statement.

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, and property firm SM Development Corp. It also has interests in gaming firm Belle Corp.

SM is looking to expand into power generation and is part of a group that may bid for a new $430 million passenger terminal project at the Philippine international airport in central Cebu province.

To view the company's full disclosure on its results, click on (

($1 = 43.7000 Philippine pesos)

Reporting by Erik dela Cruz; Editing by Paul Tait

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