MANILA – SM Prime Holdings said Tuesday its net income grew 14 percent in 2016 as it continued to expand its mall operations.

The country’s largest shopping mall operator said it posted recurring net income of P23.8 billion last year, compared to P20.9 billion in the previous year.

Mall revenues grew 9 percent to P48.6 billion while rentals grew 10 percent to P41 billion as it added 1.5 million square meters in additional retail space, SM Prime told the stock exchange.

SM Prime said it was poised to benefit from the government’s push to rebuild the country’s infrastructure.

Shares of SM Prime were down 0.5 percent to P29.85 at noon Tuesday.