SM Prime Holdings Inc., the country’s largest shopping mall operator and developer, reported a consolidated net income of P7 billion in 2009, up 10 percent from P6.4 billion in 2008.

SM Prime said in a disclosure to the stock exchange that revenues rose 15 percent to P20.5 billion, driven by the opening of new malls and expansion of existing outlets.

SM Prime said the company’s 2009 financial performance included the operations of the malls in Xiamen, Jinjiang and Chengdu, China.

“Due to the continued support and patronage of our customers, SM Prime again met its targets for 2009 despite the challenges brought about by the global recession and a series of natural calamities that affected most of Luzon in the latter part of the year,” SM Prime president Hans Sy said.

Rental fees, which accounted for 86 percent of revenues, reached P17.7 billion, up 15 percent.

For 2009, SM Prime in 2009 opened SM City Naga in Camarines Sur, SM Center Las Piñas in Metro Manila and SM City Rosario in Cavite. It expanded SM City Rosales in Pangasinan, SM City Fairview and SM North Edsa.