SM PRIME Holdings, Inc. got a boost from extraordinary trading gains to lift net income by more than half last year, with recurring earnings growing at a sustained double-digit pace as the Henry Sy-led property developer rides on the strong consumer spending in the country.

SM Prime reported a 54% year-on-year uptick in consolidated net profit to P28.3 billion last year, buoyed by a P7.4-billion one-time trading gain on marketable securities booked in the first quarter of 2015, the integrated property firm said in a disclosure to the stock exchange yesterday.

Without the nonrecurring item, net income climbed 14% year on year to P20.9 billion last year, slightly faster than the 13% jump to P18.39 billion in 2014.

“Based on the core income of SM Prime, it is in line with our estimates. No surprises on the upside,” Lexter L. Azurin, head of research at Unicapital Securities, Inc., said in a phone interview.

Consolidated revenues increased 8% to P71.5 billion, but the rate of expansion was slower than the 11% expansion to P66.24 billion in the prior year.

“SM Prime sustained its overall net income growth in 2015 as the malls’ overall operations led the performance of the group. This is a reflection of the overall expansion of the economy that continues to be driven by the 6.2% growth in household consumption,” SM Prime President Hans T. Sy was quoted in the statement as saying.

“We believe we could sustain this growth in 2016 as we continue to focus on enhancing the synergies across our core business units as an integrated property developer,” Mr. Sy said.

Rental revenues from malls and commercial spaces, which accounted for 57% of the consolidated revenues, climbed 12% to P40.7 billion from P36.5 billion, with the addition of 728,000 square meters (sqm) of new mall space from seven malls and another 171,000 sqm of new office space from two office buildings. Excluding the new malls and expansion, same-store rental growth stood at 7%.

Real estate sales, which contributed 31% to consolidated revenues, came in flat at P22.2 billion last year on the back of lower revenue recognition from the almost completed housing projects that were launched in 2011 and 2012. The housing group’s net income went up 8% to P5.1 billion from P4.7 billion despite the flat revenues.

SM Development Corp. (SMDC), which accounts for 94% of the housing group’s real estate sales, delivered a 12% improvement in reservation sales to 14,390 units last year, translating to a 15% increment in sales value to P39.8 billion from P34.6 billion.

Cinema and event ticket sales, which represented 7% of consolidated revenues, saw a 12% growth to P4.8 billion, with foreign films dominating Philippine cinema.

Other revenues — consisting of amusement income from rides, bowling and ice skating operations, merchandise sales from snack bars and sale of food and beverages in hotels — reached P3.8 billion, up 14% from P3.3 billion. The growth was fueled by the opening of Sky Ranch Pampanga, improvement in hotels’ food and beverages income as well as an increase in sponsorship income.

To date, SM Prime has a total of 56 malls in the Philippines with total retail space of 7.3 million sqm and six shopping malls with a gross floor area of 900,000 sqm including the recently opened SM City Zibo.

SM Prime presently has 27 residential projects in the market, 25 of which are in Metro Manila and two in Tagaytay. This year, SMDC will launch between 11,000 to 14,000 units in Quezon City, Bicutan and Sucat in Parañaque, Las Piñas and Pasay at the Mall of Asia Complex. SM Prime is also set to roll out new mixed-use developments in Bulacan, Pampanga and Cavite.

For hotels and convention centers, the 347-room Conrad Hotel Manila is expected to open in the second half 2016.

SM Prime shares lost 35 centavos or 1.66% to close at P20.75 each on Monday.