SM Investments' Q3 net profit up 16.4%

Reuters

Posted at 11/12/2010

MANILA, Philippines - Mall-to-banking group SM Investments Cop. (SMIC) said on Friday its net income rose 16.4% in July to September from a year ago, driven by strong earnings at its retail and property businesses.

SMIC., controlled by the country's richest man Henry Sy, said net income reached P3.9 billion ($89 million) in the third quarter.

Nine-month net income was P12.5 billion, up 16% from a year ago. The company previously said it expects its full-year 2010 net income to rise 14%.

The group, with interests also in banking, mall development, and leisure and hotel projects, said consolidated revenues climbed 6.5% to P39.3 billion in the third quarter from a year ago.