Sy conglomerate SM Investments Corporation posted a 14 percent growth in net income to P6.5 billion for the first half of 2008 despite challenges posed by rising inflation.

In a press briefing yesterday, SMIC chief finance officer Jose Sio said consolidated revenues increased 17 percent to P65.6 billion, as retail sales jumped 21 percent to P52.6 billion. Rental revenues from malls and other properties grew by 11.8 percent to P6.4 billion.

"SM’s sound performance during the first half of the year amid many market challenges reinforces the defensive position that SM has taken over the years," said SM president Harley Sy.

Investment holding firm ATR KimEng Financial Corp. aims to generate over P623 million from a preemptive rights offer to fund expansion plans.

The company said its board approved Wednesday the issuance of up to 230.83 million common shares at an offer price of P2.70 each.

Stockholders are allowed to subscribe to one share for every three shares they owned as of record date, which has yet to be fixed.

The terms and conditions of the preemptive rights offer will be approved and announced by the management.