SM Investments on track to hit profit target
12/17/2009 | 06:33 PM
Listed holding company SM Investments Corp. is on track to meet its net income target for the year on the strength of its mall and property units.
Jose Sio, SM Investments chief finance officer, told reporters on Thursday earnings this year might reach more than P15 billion for the entire group, 14% higher than last year, while revenues may hit P140-P160 billion.
“Net income growth should be double digits on the back of our strong retail and real property segments. The over P15-billion net income for this year is on the high side of our target," he said.
The company's retail segment consists of SM malls, SM Hypermarket and Save More stores, while SM Development Corp. is its property development arm. Same store sales of the company's mall also improve by 5-6 percent.
Sio also said that besides seeking to list on the Hong Kong, Singapore and Shanghai bourses for its China malls, SM Prime Holdings, the parent of the units that own the company's stores in China, may choose to place these malls under a real estate investment trust in China.
The company has three malls operating in China — in Xiamen, Jinjiang and Chengdu. Three more malls are in the pipeline. These will be located in Chongqing, Suzhou and Zibo in the next three years.
SM Prime is the Philippine's largest mall developer with 36 malls nationwide. Earnings of the company grew by eight percent to P5.1 billion from January to September. — CMA, GMANews.TV
Jose Sio, SM Investments chief finance officer, told reporters on Thursday earnings this year might reach more than P15 billion for the entire group, 14% higher than last year, while revenues may hit P140-P160 billion.
“Net income growth should be double digits on the back of our strong retail and real property segments. The over P15-billion net income for this year is on the high side of our target," he said.
The company's retail segment consists of SM malls, SM Hypermarket and Save More stores, while SM Development Corp. is its property development arm. Same store sales of the company's mall also improve by 5-6 percent.
Sio also said that besides seeking to list on the Hong Kong, Singapore and Shanghai bourses for its China malls, SM Prime Holdings, the parent of the units that own the company's stores in China, may choose to place these malls under a real estate investment trust in China.
The company has three malls operating in China — in Xiamen, Jinjiang and Chengdu. Three more malls are in the pipeline. These will be located in Chongqing, Suzhou and Zibo in the next three years.
SM Prime is the Philippine's largest mall developer with 36 malls nationwide. Earnings of the company grew by eight percent to P5.1 billion from January to September. — CMA, GMANews.TV
