The Philippines’ mall developer SM Prime has posted a 15 per cent increase in consolidated net income for the first nine months of this year.

The group’s net income totalled 7.40 billion pesos (US$179.3 million), up from 6.41 billion pesos (US$155.3 million) during the same period in 2011.

Revenues rose 15 per cent to 22.10 billion pesos (US$535.69 million) from 19.27 billion pesos (US$467.09 million). The growth is largely due to rentals from new Philippine malls opened in 2010 and 2011, a rise in same store sales of eight per cent, and the improved performance of SM’s China malls.

The company posted a 16 per cent increase in net income to 2.48 billion pesos (US$60.11 million) for the third quarter, from 2.14 billion pesos (US$51.87 million) during the same period last year.

“Our performance for the first nine months of 2012 gives us confidence in reaching our full-year target,” said president Hans Sy.

He expects consumer sentiment to remain positive on the back of a strong domestic economy as the holiday season approaches.

Gross revenues of the four malls in China increased by 27 per cent due to improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou. The average occupancy rate for the four malls in China is now at 96 per cent.

SM Prime has 46 supermalls in the Philippines, five of them opened during the nine month period.

GB