SM Prime Holdings, Inc. (SM Prime), the Philippines’ leading integrated property company, reported a 54 percent surge in consolidated net income to P28.3 billion last year, boosted by P7.4 billion one-time trading gains on marketable securities booked in the first quarter of the year.

In a disclosure to the Philippine Stock Exchange, SM Prime said its recurring net income grew 14 percent in 2015 to P20.9 billion due to an 8 percent increase in consolidated revenues to P71.5 billion.

“SM Prime sustained its overall net income growth in 2015 as the malls’ overall operations led the performance of the group. 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,” SM Prime president Hans T. Sy, said.

He added that “we believe we could sustain this growth in 2016 as we continue to focus on enhancing the synergies across our core business units as an integrated property developer.”

Rental revenues from malls and commercial spaces, which accounted for 57 percent of the consolidated revenues, rose 12 percent to P40.7 billion from P36.5 billion in the previous year.

This is due to new malls and the expansion of SM City Bacolod, all of which contributed an additional total gross floor area of 728,000 square meters. Excluding the new malls and expansions, same-store rental growth continued to exhibit 7 percent increase.

Rental growth was also complemented by the opening of two office buildings. Combined, these office spaces added GFA of 171,000 sqm.

SM Prime’s real estate sales, accounted for 31 percent of consolidated revenues, was flat at P22.2 billion primarily due to lower revenue recognition from the almost completed housing projects that were launched in 2011 and 2012.

On the other hand, the recently launched projects continue to enjoy brisk sales, with SM Development Corp. (SMDC) posting higher reservation sales by 12 percent year-on-year to 14,390 units in 2015.

As a result SMDC, which contributes 93 percent of the housing group’s real estate sales, achieved a 15 percent increment in sales value worth P39.8 billion from P34.6 billion last year. Net income increased by 8 percent to P5.1 billion from P4.7 billion in 2014.

Cinema and event ticket sales, which represented 7 percent of consolidated revenues, recorded a 12 percent growth in 2015 to P4.8 billion while other revenues, which consisted of amusement income from rides, bowling and ice skating operations, merchandise sales from snack-bars and sale of food and beverages in hotels stood at P3.8 billion, up by 14 percent from P3.3 billion.

The growth was mainly driven by the opening of Sky Ranch Pampanga, improvement in hotels’ food and beverages income as well as an increase in sponsorship income.