SM 2011 Net Income Expands 15% to Php21.2 billion
(07 March 2012. Pasay City, Philippines.) Philippine conglomerate SM Investments Corporation (SM) reported a 15% growth in net income for 2011 of Php21.2 billion from Php18.4 billion last year. Consolidated revenues increased by 13% to Php200.7 billion, compared with Php177.2 billion in 2010. SM’s healthy revenue and profit growth during the year was a result of the strong performance by its core businesses.
SM President Mr. Harley T. Sy said, "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. This was achieved through the focused efforts displayed by the hard working men and women behind the whole SM organization. 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.”
SM Net Income Profile
Distribution of SM profits
Among SM’s core businesses, banks gave the most to the company’s 2011 profits, with a 31.1% contribution. The retail group came in second with 30.2%, followed by shopping malls and real estate, which contributed 23.5% and 15.2%, respectively.
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