What: Philippine conglomerate SM Investments is seeing steady gains after the company reported a net income of USD 1.07 billion (Php60.9 billion) for the first nine months of this year, a 9% increase from USD 1 billion (Php55.9 billion) in the same period last year.

Why it is important: Retail contributed 15% of the profits.

Banking made up the largest share of profits at 50%, followed by property at 27% and retail at 15%. Despite seeing a slight decline in net income to USD 224 million (Php12.8 billion), retail showed resilience with a 4% revenue increase, amounting to USD 5.27 billion (Php301.8 billion).

Department stores maintained strong margins, food retailing saw a 7% revenue boost, and specialty health, beauty, and fashion stores performed well.

SM Investments posts 9% profit growth, retail sector steady