Mall operator and developer SM Prime Holdings, Inc. posted a 12-percent increase in consolidated net income during the second quarter of 2008 to P1.6 billion from P1.4 billion. Revenues, on the other hand, reached Php4.4 billion, for an 8% increase, compared to Php4.1 billion during the second quarter of 2008.

For the first half of 2008, the listed company attained a 10% increase in consolidated net income to Php3.2 billion from Php2.9 billion in the same period last year. Revenues, on the other hand, reached Php8.4 billion, for an 8% increase.

SM Prime’s results for the first half of 2008 consolidated the financials of the three SM malls in China following their acquisition late last year. The SM China malls are located in the cities of Xiamen, Jinjiang in Southern China, and Chengdu in Central China.

For the first half of 2008, SM Prime’s consolidated rental revenues still contributed the biggest share, growing by 11% and amounting to Php7.2 billion.

Growth came from a mix of growth in retail sales which yielded a 5% increase in same mall sales, and from expansion in mall space with three SM malls opened in 2007.

Following its expansion, SM City Cebu became one of the largest malls in the world, joining three other SM malls that are already listed among the world’s largest such as SM Mall of Asia, SM North EDSA, and SM Megamall.