SM Investments Q1 net profit up 14% at P3.3B

SM Investments Corp., the holding firm of the Sy family, on Thursday reported that its net income for the first quarter of the year rose 14 percent to P3.3 billion. In a statement sent to the media, the firm, which has interests in property, banking, mall operations and retail, said revenues for the period expanded 108.6 percent quarter on quarter to P25.9 billion. The company said the gain was made “as all of SM’s core businesses experienced robust sales derived from an improved economic activity." “SM Investments is off to a good start in 2007 with strong earnings growth in the first quarter. The economy continues to be buoyant this year and we are feeling the positive effect in all our businesses. We are confident that the trend will be sustainable," SM Investments president Harley Sy said in the statement. - GMANews.TV