MANILA–SM Prime Holdings Inc.’s (SMPH.PH) 2013 net profit was 16.27 billion pesos ($365 million), it said Monday.

Without a one-time charge of 1.28 billion pesos incurred in its merger of property units of conglomerate SM Investments Corp. (SM.PH) last year net profit would have risen 8% on year from 16.20 billion pesos, it said.

SM Prime now operates shopping-mall, residential, commercial and tourist developments in the Philippines and shopping malls in China.

Consolidated revenue was up 5% to 59.79 billion pesos with rental income accounting for 54%. SM Prime has total assets of 336 billion pesos.

Write to Cris Larano at [email protected]