In an interview at the sidelines of a forum organized by the Economic Journalists Association of the Philippines, SMIC chief finance officer Jose Sio said sales this year is being boosted by higher consumer spending.
He noted that this is due to strong remittances from overseas Filipinos as well as the large number of business process outsourcing firms all over the country which is providing employment and resulting in more disposable income.
However, Sio noted that, traditionally, earnings in the second quarter is seasonally better than in the third quarter.
He also disclosed that SMIC is on track to hit its targets this year as indicated by its first half results. “The indication is the same as of now. We can fulfill, if not better, our original budget,” Sio said.
SMIC registered a 13 percent growth in net income to P9.64 billion in the first half of 2011 from P8.53 billion during the same period in last year.
Consolidated revenues increased 9 percent to P92.94 billion as compared to P84.99 billion in the first semester of 2010.
The robust performance of SM’s property group, particularly its residential development business, and the sustained growth of its banking subsidiaries contributed to the company’s positive results for the period.
http://mb.com.ph/articles/334380/smic-expects-better-q3-track-doubledigit-growth
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