In a statement, SM Prime Holdings Inc. said its net income went up by 11 percent to P2.9 billion as gross revenues climbed 22 percent to P7.45 billion over last year.

“We are pleased with our first-half results. It reflects the fact that our aggressive expansion last year is generating benefits beyond our expectations, as our new malls enjoy very high occupancy levels and record foot traffic,�? Hans T. Sy, SM Prime president, said.

The stronger bottom line during the second quarter helped boost the mall operator’s earnings, which grew by 12 percent to P1.43 billion year on year and a percentage point higher compared to the previous quarter.

Revenues from space rental, which is 82 percent of total revenues, grew by 22 percent to P6.15 billion due to new malls, which include the 386,000 square-meter SM Mall of Asia that opened in May last year.

“The SM Mall of Asia is clearly in the radar screen of Filipino consumers, foreign and domestic tourists, and other groups who have made it the prime destination mall in the country,�? Sy said.

The executive said foot traffic would improve further by the end of the year with the opening of adjacent buildings that include SMX Convention Center, and the SM group’s OneEcom Center by October this year.

Cinema tickets from January to June likewise rose by 28 percent to P969 million due to the opening of new cinemas and the screening of blockbuster movies during the period, most of which were Hollywood films.

Operating expenses for the semester jumped by 30 percent to P3.30 billion which was expected with the opening of new malls, however this did not drag down income from operations which still rose by 17 percent to P4.15 billion.

New malls are scheduled to open this year starting with SM Taytay and SM Super-center in Muntinlupa while expansions are ongoing in SM City Cebu-Annex, and SM City Pampanga.