SM Prime Holdings Inc. (SMPH.PH) said Tuesday net profit in the second quarter rose 12% on year on a double-digit rise in revenue following the continued expansion of its shopping mall network. 

SM Prime said net profit in the April-June quarter rose to PHP1.43 billion from PHP1.28 billion in the year-earlier period, pushing first half net profit higher 11% on year to PHP2.90 billion.

Second-quarter revenue jumped 21% on year to PHP3.90 billion, while first-half revenue was up 22% on year to PHP7.45 billion. 

The company’s net profit failed to match revenue growth due to a 25% on-year increase in expenses to PHP1.75 billion in the second quarter.