MANILA, May 4 (Reuters) - Philippine conglomerate SM Investments Corp may have posted first quarter earnings growth of between 12 percent and 13 percent from a year earlier, the company's chief financial officer said on Wednesday.
"The first quarter indication for our net income will be about 12 percent to 13 percent up compared to last year," Jose Sio said in an interview with local ANC television.
"We feel that (for) the rest of the year we can sustain this growth, if not, (do) more than what we have accomplished in the first quarter," he said.
Last week, the property-to-banking group owned by the country's richest man, Henry Sy, said it was aiming for profit growth of 12-14 percent this year and net income growth in the first quarter was likely to be at double-digits. [ID:nL3E7FP08J]
Three units of the conglomerate -- SM Prime Holdings Inc , SM Development Corp , and Banco de Oro Unibank -- have reported double-digit earnings growth for the March quarter. [ID:nL3E7FQ1DN] [ID:nL3E7FJ1MT] [ID:nL3E7G202D]
Sio said the retail, banking and mall operations would likely lead this year's growth while the group's property development and hotel businesses were seen catching up.
The group's capital expenditure budget this year was 47 billion pesos ($1.1 billion), up from 40 billion pesos last year, including funding for expansion in the Philippines and China.
Sio said SM Investments was also looking at investment opportunities in Vietnam and Indonesia.
"We will continue to grow in all sectors that we are in and strive to increase shareholder value in the years to come," he said.
SM Investments would also take a look at the government's infrastructure projects under the public-private partnership programme, he said.
Shares in SM, with a market value of $8.2 billion, fell as much as 1.7 percent in mid-session in a market that slipped about 0.5 percent.
($1 = 43.0 pesos) (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)
