MANILA, Philippines ? The SM group enjoyed a 15 percent rise in its earnings last year on the back of a double-digit growth in its banking business and stable contribution from its retailing arm.
SM Investments Corp. told the local bourse that it ended 2011 with a profit of P21.1 billion from the previous year?s P18.4 billion.
Revenues grew 13 percent to P200.7 billion in 2011 from P177.2 billion previously.
?2011 proved to be a favorable year for SM, as it was able to continue delivering positive results and increased challenges in the external environment," said Harley Sy, president of the conglomerate, which also has interests in mall and property development.
?We also take comfort in the firm support and unfailing patronage of our customers, shareholders, and other stakeholders. Such support behind us makes us look to 2012 with added optimism in sustaining SM?s growth and expansion,? Sy added.
The group?s banking business contributed 31.1 percent to SM?s earnings, followed by the retail arm, 30.2 percent; shopping malls, 23.5 percent; and real estate, 15.2 percent.
SM Retail ? which operates SM Supermarkets, SM Department Stores, Hypermarkets, and SaveMore ? saw its earnings rise three percent to P5.8 billion on a nine percent growth in sales to P148.2 billion amid new store openings.
Lending unit Banco De Oro Unibank Inc. enjoyed a 19 percent growth in net income to P10.5 billion, while mall developer SM Prime Holdings Inc. clocked in a 15 percent profit expansion to P9.1 billion also on new malls.
Real estate unit SM Development Corp. turned in P4.18 billion last year, or 38 percent more than in 2010.
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Source: http://www.interaksyon.com/article/26264/banking-retail-businesses-lift-sm-groups-net-income-by-15
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