SM Prime Holdings, Inc. (SM Prime) said profit for the first nine months of the year reached P7.40 billion, 15 percent higher than last year’s P6.41 billion. 

Revenues reached P22.10 billion, 15 percent higher than last year’s P19.27 billion. 

Earnings before interest, tax, depreciation, and amortization (EBITDA) reached P14.60 billion, for an EBITDA margin of 66 percent. 

“The growth is largely due to rentals from new Philippine malls opened in 2010 and 2011, same store sales of 8 percent, and the improved performance of SM’s China malls,” SM said.

“Our performance for the first nine months of 2012 gives us confidence in reaching our full-year target. We think that consumer sentiment will remain positive on the back of a strong domestic economy. Moreover, we anticipate this trend to continue as we approach the holiday season, when consumer spending is particularly strong,” said Hans T. Sy, SM Prime president.

Operating expenses for the period reached P10.45 billion, 14 percent higher than last year’s P9.12 billion due to increase in administrative expenses, particularly, utilities and manpower expenses, business taxes, and film rentals. 

Income from operations increased to P11.65 billion, 15 percent higher than last year’s P10.14 billion.

“In terms of gross revenues, the four malls in China contributed P1.90 billion in 2012 and P1.49 billion in 2011, or 9 percent and 8 percent of total consolidated revenues, respectively. Gross revenues of the four malls in China increased by 27 percent in 2012 compared to the same period in 2011 due to improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou which added 182,000 square meters of gross floor area. The average occupancy rate for the four malls in China is now at 96 percent,” SM said.

SM Prime has 46 Supermalls strategically located in the Philippines with a total gross floor area of 5.5 million sq.m. Likewise, the company also has four Supermalls located in the cities of Xiamen, Jinjiang, Chengdu and Suzhou in China with a total gross floor area of 0.6 million square meters.