By Inside Retail Asia
Philippine retail and property giant SM Investments has seen significant growth in revenue, driven by increased foot traffic and customer spending – despite rising inflation.
SM Investments has reported a net profit increase of 27 per cent, at US$ 1.246 billion from January to June, versus $982 million in the same period last year.
The company’s retail division net income increased by 91 per cent to $342 million from $176 million during the previous period.
Frederic C DyBuncio, CEO at SM Investments, said strong retail activity and the return of crowds in malls helped boost the company’s financial performance.
Consolidated revenues rose 23 per cent to $11.656 billion in the first half, from $9.457 billion in the same period last year.
“Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half,” remarked DyBuncio “This is a bright spot in the Philippines and the region amid global headwinds.”
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