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SM net profit up 9% in H1 2017

New profit of SM Investments Corp., rose to PHP16.6 billion in the first half of 2017, up nine percent from PHP 15 billion in the same period in 2016.

Excluding one-time items in 2016, SM's recurring income rose 16 percent in first half this year, the Sy family-led said in a disclosure with the Philippine Stock Exchange Wednesday.

The firm's consolidated revenues grew 6 percent to PHP181.6 billion in January to June 2017 from PHP169.7 billion in the same period in 2016.

SM President Frederic DyBuncio said the company's core businesses sustained growth despite in a non-election year with the country's strong economy and growing consumer sentiment.

The conglomerate noted that 42 percent of its consolidated net income in H1 2017 came from its property business, 36 percent from banks, and 22 percent from its retail business.

SM Retail's sales increased by 6.0 percent to PHP131.6 biilion, while its net income likewise grew at the same pace at PHP5.2 billion in the said period.

Consolidated revenues of ts property unit, SM Prime Holdings, went up 10 percent to PHP43.2 billion with net income of PHP14.4 billion.

Kris Crismundo / PNA