M Prime Holdings, Inc. now has 40 malls all over the country, with an estimated gross floor area of 4.8 million square meters.

This led to an 11% profit climb in the nine months ending September to P5.6 billion, from P5.1 billion year on year.

In a statement, SM Prime said “consolidated revenues grew by 14% to P5.7 billion, compared with P5.0 billion during the third quarter of 2009.”

Earnings before interest, taxes, depreciation, and amortization or EBITDA went up by 10% to P3.8 billion.

Revenues for January to September grew by 17% to P17 billion.

EBITDA rose by 15% to P11.5 billion.

“The domestic economy displays strength and sustainable growth which fuels increased spending that flows into SM malls,” SM Prime President Hans T. Sy said in the statement.

“We expect this trend to continue into the last quarter of the year, when the holiday season further boosts consumer spending,” he added.

For January to September, consolidated rental revenues, which accounted for 84% of total revenues, grew by 13% to P14.3 billion.

“New rental space came from the malls that opened in 2009 namely, SM City Naga, SM City Rosario, and SM Center Las Piñas, together with SM City Tarlac, which opened in April of this year,” SM Prime said.

The new malls and expansions in 2009 and 2010 added 340,000 square meters to the company’s total gross floor area, which now have an average occupancy rate of 97%.

Last month, SM Prime opened SM City Novaliches, SM City San Pablo, and SM City Calamba to the public.

SM Prime is accelerating its expansion in Cebu with the construction of a second mall while finalizing plans for a third and scouting for properties for a fourth mall.

The planned SM Consolacion mall in Cebu will cost between P750 million and P800 million. Construction will start before the end of the year, with the mall expected to be completed by the last quarter of 2011.

A long-term lease contract for the 47-hectare project site was signed between SM Prime and lot owner Everjust Realty Development Corp. last month.

The company is also finalizing the design for its third mall that will rise on the 300-hectare South Road Properties, touted as the new growth center in Cebu.

Shares in SM Prime, which raised P6.55 billion ($150 million) in its maiden equity placement with various institutional investors, were unchanged yesterday at P11.74 each.