SM Prime Holdings Inc., the merged property arm of the SM Group, said Monday net income rose slightly to P16.27 billion in 2013 from P16.20 billion in 2012, on higher rental revenues from shopping malls.

SM Prime said in a disclosure to the stock exchange consolidated revenues climbed 5 percent to P59.79 billion last year from P57.22 billion in 2012, as rental revenues, which accounted for 54 percent of the total, grew 11 percent to P32.20 billion from P28.95 billion.

This was the first time the SM Group reported the consolidated financial performance of its mall, residential, office and tourism development businesses. SM Group merged its property companies and real estate assets under SM Prime last year.

“Our consolidated financial results in 2013 were within our expectations. We expect the Philippine economy to sustain its growth momentum in 2014 and create more demand for our property offerings. We will continue to pursue our expansion plans and look for new growth opportunities,” said SM Prime president Hans Sy.

SM Prime said consolidated net income in 2013 would have increased 8 percent to P17.55 billion last year, if it not for the one-time restructuring cost of P1.28 billion.

The company attributed the increase in revenues to the opening of new malls. Excluding the new malls and expansions, rental revenues grew 7 percent, it said.

SM Prime’s shopping malls in China also sustained profit growth, with net income amounting to P958 million in 2013.

Real estate sales stood at P20.78 billion in 2013, down from P22.57 billion in 2012 on fewer projects launched last year.

Cinema ticket sales increased 8 percent to P3.74 billion from P3.48 billion in 2012, as SM Prime opened additional digital cinemas at the new malls, while amusement and other revenues increased 40 percent to P3.08 billion from P2.21 billion in 2012.