EARNINGS of SM Prime Holdings, Inc. — the property holding firm of tycoon Henry Sy, Sr. — grew at a faster pace in the first three months of 2015 on the back of a one-time gain from the sale of securities and sustained growth in its shopping mall and residential businesses.

SM Prime told the stock exchange it booked a consolidated net income of P12.6 billion in the first quarter, up 176% year on year. The company said it cashed in on some P7.4 billion worth of marketable securities, but even without that one-off gain, profit was still up 14% — accelerating from the 11% growth seen a year earlier.

“It’s in line with our estimates of 15% growth for the full year so it’s a good sign for the succeeding quarters,” Lexter L. Azurin, head of research at Unicapital Securities, Inc., said in a separate phone interview.

Shares of SM Prime went up 1.82% or 34 centavos to close at P19 apiece.

SM Prime President Hans T. Sy said 2015 “promises to be a strong year” as lower oil prices and improved confidence boost consumer spending.

“The strong economy provides much motivation for us to expand and grow our business more aggressively to take advantage of new opportunities, particularly in the provincial areas. We can grow all areas of business, malls, residences, commercial and tourism-related developments together to achieve synergies,” Mr. Sy said in a statement attached to a disclosure.

Consolidated revenue rose by an annual 9% to P16.7 billion in the three-month period, from P15.3 billion.

Rental revenue from retail and commercial spaces, which contributed 57% to consolidated revenues, rose by a tenth to P9.4 billion in the first quarter from P8.6 billion in the same period of 2014.

Driving growth were the opening of new malls and expansion of existing shopping centers that added 564,000 square meters to its total gross floor area in the last two years, increasing office portfolio and sustained same-store rental growth of 7%, SM Prime said.

The housing group, which accounted for 32% of consolidated revenues, saw a 7% uptick in real estate sales to P5.4 billion, pushing net income by 37% to P1.3 billion in the January to March period.

Cinema ticket sales dipped to P1.0 billion from P1.1 billion due to “a slight decrease in blockbuster movies shown in the first quarter of 2015 versus the same period last year.”

Cinemas, together with revenue from its amusements business, accounted for 11% of SM Prime’s consolidated revenues in the first quarter.