SMIC rises after first-half earnings, geothermal deal - BusinessWorld Online

📆 8/08/2022 6:00 a. m.
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SY-LED SM Investments Corp. (SMIC) inched up last week after its first-half earnings report as well as its foray into the energy sector with the acquisition of the operator of the Tiwi and Mak-Ban steam fields. READ:

SY-LED SM Investments Corp. inched up last week after its first-half earnings report as well as its foray into the energy sector with the acquisition of the operator of the Tiwi and Mak-Ban steam fields.

The rise, he added, can be attributed to the appreciation of the conglomerate’s first-half financial results. The firm said it had received SEC approval to acquire the 81% stake of related parties in Allfirst in exchange for shares in SMIC. In a press release on Wednesday, SMIC reported a 27% increase in its first-half consolidated net income to P25.5 billion. Its consolidated revenues, meanwhile, went up by 23% to P238.5 billion during the same period.

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