MANILA, Philippines — SM Prime Holdings, Inc., the country’s top shopping mall developer and operator, reported a 14 percent increase in consolidated net income for the first nine months of 2011 to P6.41 billion from P5.62 billion in the same period last year.

The firm said its consolidated revenues also grew 13 percent to P19.27 billion, compared with P17.03 billion from January to September 2010. EBITDA for the period rose 13 percent to P13.02 billion, for an EBITDA margin of 68 percent.

For the third quarter alone, SM Prime said it posted a 15 percent increase in net income to P2.14 billion from P1.86 billion during the same period last year. Revenues from July to September this year reached P6.56 billion, for a 15 percent increase, year-on-year.

SM Prime said its better than expected results may be attributable to last year’s further expansion, which added 289,000 square meters (sqm) in net leasable space. On top of this, same-store rental grew 7 percent during the period.

“The notable results delivered by SM Prime so far this year give us greater confidence in attaining our full-year target for both the Philippines and China, especially since we are moving towards the holiday season,” said SM Prime president Hans T. Sy.

He added that “we will continue to offer good value products and services to our customers, and improve on areas that will give an even more enhanced shopping and entertainment experience to them.”

For the first nine months of 2011, SM Prime’s consolidated rental revenues contributed 85 percent to the total, and grew by 15 percent to P16.45 billion. The increase came from both new space and same store rental growth.

Cinema ticket sales amounted to P2.07 billion, compared to P2.04 billion during the same period last year.

Operating expenses during the first nine months of 2011 rose 12 percent to P9.12 billion from P8.14 billion last year and income from operations increased to P10.14 billion, up 14 percent from P8.89 billion in 2010.

Earlier this year, SM Prime inaugurated SM City Masinag in Antipolo City and SM City Suzhou in China. For the rest of 2011, SM Prime is scheduled to open SM City San Fernando in Pampanga, SM City Olongapo in Zambales, and SM Marketmall in Dasmariñas, Cavite.

The company is also set to expand two of its existing malls namely, SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite.

By year-end, SM Prime will have 48 malls in the Philippines and in China with an estimated combined gross floor area (GFA) of 5.9 million sqm.