SM Prime Holdings, Inc. grew its profit by double-digit rate last quarter on the back of higher rental revenues, according to financial report the Sy-led mall operator submitted to the Philippine Stock Exchange yesterday.

Net income grew by 13.90% to P2.952 billion last quarter from P2.589 billion in the same three months last year, consolidated statements of income showed. Revenues jumped 15.65% to P8.72 billion from P7.54 billion, driven by higher rental and cinema ticket sales, while cost and expenses similarly rose 15.49% to P4.104 billion from P3.551 billion on higher depreciation and amortization cost.

Second-quarter performance brought SM Prime’s first-semester profit to P5.842 billion, 14.06% more than the previous year’s P5.122 billion. 

First-half revenues rose 13.59% to P16.550 billion from P14.574 billion, while cost and expenses grew 13.55% to P7.708 billion from P6.793 billion.

“New malls opened in 2013 with a total gross floor area of 698,000 square meters largely pushed rental revenues higher; add to that the higher contributions of SM China malls,” the company said in a statement attached to a disclosure, adding that China operations contributed 10% to revenues. — C. H. C. Venzon