By Jenniffer
B. Austria | Posted on Jun. 28, 2013 at 12:02am
[
manilastandardtoda.com ]
SM
Investments Corp., the holding company of retail tycoon Henry Sy, is looking at
investment opportunities in the group’s core businesses and the infrastructure
and energy sectors.
SM
Investments chief finance officer Jose Sio told reporters now was the time for
the company to look for investment opportunities created by the current
volatility in the stock market and a possible increase in interest rates.
“Now is the
time to look for opportunities. It is not the right time to go out and raise
funds,” Sio said.
Sio said SM
Investments was liquid and had no plans to borrow or sell shares.
He said the
conglomerate was interested in bidding for infrastructure projects. The company
earlier submitted a bid to build the P17.5-billion Mactan Cebu Airport Terminal
project.
SM
Investments also plans to develop geothermal projects in Luzon and Mindanao.
All First
Equity Holdings, owned by the Sy family, in December formed a joint venture
with Chevron Corp. The SM group owns 60 percent of the venture while Chevron
controls 40 percent.
Chevron
operates the Tiwi and Makiling-Banahaw steam fields in Albay and Laguna
provinces.
The Sy
family, through a partnership with Chevron, is looking at other geothermal
development opportunities in Cebu, Bohol, Palawan, Samar, Northern Luzon and
Mindanao in a bid to become a significant player in the local renewable energy
sector.
Meanwhile,
Sio said SM Investments might exceed the 14-percent increase growth in net
income for the year as the weakening of peso would likely boost consumer
spending.
SM Investments
earlier reported a net income of P24.7 billion in 2012, up 16.3 percent from
P21.2 billion in 2011. Consolidated revenues increased 12 percent to P223.9
billion from P199.9 billion in the previous year.
Banking unit
BDO Unibank Inc. accounted for the largest share of SM Investments’
consolidated net income, contributing 34.4 percent of the total. Retail
operations accounted for 28.1 percent, followed by mall operations at 22.9
percent and property development at 14.6 percent.
The group has
earmarked P65 billion for capital expenditures this year.
Share price
of SM Investments on Thursday closed at P1,015, up 4.86 percent.
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