SM Investments net profit grows 16% in 2012
MANILA - Conglomerate SM Investments Corp., the Philippines' second most valuable listed firm, posted a 16.3 percent increase in full-year 2012 net profit on higher revenues from its shopping mall, property, retail and banking businesses.
SM Investments, owned by the Philippines' richest man, Henry Sy, said on Wednesday its net profit for 2012 was P24.7 billion compared with P21.2 billion the year before.
Total revenue grew 12 percent to P223.9 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.