Net Income of SM Investments Corp SMIC

Tycoon Henry Sy’s flagship holding firm, SM Investments Corp., posted a 15-percent growth in its 2010 net income to P18.4 billion.

SMIC’s consolidated revenue rose by 12 percent to P179.3 billion from a year before, the company disclosed to the Philippine Stock Exchange.

“The better-than-expected 2010 results demonstrate the ability of SM to benefit from an economic resurgence,” SMIC president Harley Sy said.

Among SM’s businesses, the retail group contributed the most to the 2010 profit, accounting for 34 percent of the total. The banking group came in second, with 30 percent, while shopping malls and real estate contributed 23 percent and 13 percent, respectively.

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