SM Prime Holdings Inc. saw its consolidated net income increase by more than half in 2015, driven by the strong performance of its mall business.

Its consolidated net income rose by 54 percent to P28.3 billion in 2015. Its recurring net income grew by 14 percent to P20.9 billion.

“SM Prime sustained its overall net income growth in 2015 as the mall’s overall operations led the performance of the group,” President Hans T. Sy said in a disclosure to the Philippine Stock Exchange.

“This is a reflection of the overall expansion of the economy that continues to be driven by the 6.2 percent growth in household consumption,” Sy added.

Rental revenues from malls and commercial spaces grew by 12 percent to P40.7 billion, accounting for 57 percent of consolidated revenues.

“The strong growth in rental revenue was sustained by SM Prime’s expansion across its entire business portfolio since 2013,” the disclosure read.

The company attributed the growth to new malls, such as SM Aura Premier, SM City BF Parañaque, Mega Fashion Hall in SM Megamall, SM City Cauayan in Isabela, SM Center Angono, SM City San Mateo, and the expansion of SM City Bacolod.

SM Prime has 56 malls in the Philippines and six in China. – Jon Viktor Cabuenas/VS, GMA News