MikeLigalig.com

By JAMES A. LOYOLA

MANILA, Philippines — SM Investments Corporation expects earnings to grow by 12 to 14 percent this year as it announced 13 percent growth in net income to P6.0 billion in the first quarter of 2012 from P5.3 billion during the same period last year.

In a press briefing, SMIC chief financial officer Jose Sio said the target reflects the growth of the firm’s various businesses. Its retail, mall, residential, tourism and banking units are all optimistic about prospects for 2012.

SMIC’s consolidated revenues increased by 16 percent to P49.7 billion from P42.7 billion last year. The positive results of SM during the first three months of the year came from the robust growth in revenues and profits of its core businesses.

“The encouraging performance of SM during the first quarter of 2012 is due mainly to the strong start of its core businesses, some of which posted better-than-expected results for the period,” said SMIC president Harley T. Sy.

He added that, “with the prevailing positive outlook on the domestic economy, together with the expected resilience of our subsidiaries, we remain optimistic that SM will attain its growth and expansion targets for the rest of the year.”

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