The Philippines’ mall developer and operator, SM Prime, has posted a 15 per cent increase in net income for the first six months of 2012.

Net income grew to 4.92 billion pesos (US$117.56 million) from 4.27 billion (US$102.03 million) in the same period last year. The improved growth resulted from the opening of new Philippine malls in 2010 and 2011, same store sales of eight per cent, and the improved performance of SM’s China malls.

SM Prime president, Hans Sy, said: “In line with this, we look forward to the second half of the year with more confidence in implementing our expansion plans, especially as we move towards the holiday season.”

In terms of gross revenues, the four malls in China contributed 1.27 billion pesos (US$30.35 million) for the first half, or nine per cent of total consolidated revenues.

The SM China malls are enjoying healthy increases in rental rates and improvement in occupancy levels. The average occupancy rate for the four malls in China is now at 95 per cent.

SM Prime has 44 supermalls in the Philippines and four in Chinese cities Xiamen, Jinjiang, Chengdu and Suzhou.

For the rest of 2012, SM Prime is scheduled to launch malls in General Santos in South Cotabato, Lanang in Davao City and Chongqing in China. By year-end, SM Prime will have 46 malls in the Philippines and five in China.

GB