SM’s equity investments include stakes in strong assets such as the City of Dreams Manila property, NET Buildings, CityMalls and others. For the first quarter, property accounted for 44 percent of SM’s consolidated net income, followed by banks at 35 percent and retail at 21 percent. At end-March, SM Retail had a total of 2,194 stores comprising 57 The SM Stores, 1,584 specialty retail stores, 48 SM Supermarkets, 44 SM Hypermarkets, 165 Savemore, 39 WalterMart and 257 Alfamart stores. For the first quarter, its banking arm BDO Unibank and ChinaBank posted net income of P5.8 billion and P1.5 billion, respectively, or an increase of 6 percent year-on-year for both banking units. Meanwhile, property arm SM Prime Holdings (SMPH) reported net income growth of 13 percent to P6.6 billion.

Source: Manila Times May 10, 2017 17:26 UTC