SM Prime exceeded its 2012 profit growth target for a second straight year as it registered a rise in consolidated net income of 16 per cent for the full year.

In doing so it broke through the 10 billion peso threshold for the first time.

Total revenues for the year rose by 14 per cent. These results include the operations of the five SM malls in China, in the cities of Xiamen, Jinjiang, Chengdu, Suzhou, and Chongqing.

SM Prime’s better-than-expected performance was largely due to rentals from new SM Supermalls launched in 2011 and 2012 coupled with a robust same-store rental growth of eight per cent. Moreover, SM Prime’s shopping malls in China continued to perform well, with net income increase of 24 per cent.

“We are confident that the Philippine growth story, which we saw unfold last year will continue in 2013,” said SM Prime president Hans Sy.

“In line with this, we will proceed with our aggressive expansion plans and continue to pursue new opportunities for growth,” he said.

During 2013, SM Prime is scheduled to open SM Aura Premier in Taguig City and SM Cauayan in Isabela. SM Megamall will be expanded with the construction of Building D.

By the end of this year, SM Prime will have 48 malls in the Philippines and five in China.

GB