SM Investments Corporation (SM) reported a 13 percent growth in recurring net income in 2015 while consolidated net income stood at P28.4 billion last year. In a disclosure to the Philippine Stock Exchange, SM said its consolidated revenues grew 7 percent to P295.9 billion for the period. “Our strong underlying earnings growth in 2015 was due to favorable domestic market conditions and improved efficiencies which helped us widen our margins particularly in retail and property,” said SM President Harley T. Sy. SM said its underlying earnings increase was driven by a 17 percent growth in retail earnings, 14 percent growth in property recurring net income and 10 percent growth in bank net income. For 2015, banks accounted for 40 percent of SM’s consolidated earnings, property 38 percent and retail 22 percent. Meanwhile, the SM Board of Directors has approved the merger of its retail arm, SM Retail Inc. (SM Retail) [...]
