THE Philippines’ biggest mall developer reported a double-digit rise in its profit in the third quarter on the back of new mall openings in the country and in China. 

In a disclosure to the Philippine Stock Exchange, SM Prime Holdings Inc. said its consolidated net income rose to P2.14 billion for the June to September period, 15 percent higher than the P1.86 billion recorded during the same period last year.

This pushed the Sy-led firm’s earnings for the nine-month period by 14 percent to P6.41 billion from the previous year’s P5.62 billion.

Net income of Philippine operations rose by 12 percent to P6.10 billion, while the profit from the four malls in China doubled to P310 million. Revenues for the July to September period jumped 15 percent year-on-year to P6.56 billion, lifting consolidated revenues for the nine-month period by 13 percent to P19.27 billion.

“The notable results delivered by SM Prime so far this year give us greater confidence in attaining our full-year target for both the Philippines and China, especially since we are moving towards the holiday season,” said Hans Sy, SM Prime president.

“We will continue to offer good value products and services to our customers, and improve on areas that will give an even more enhanced shopping and entertainment experience to them,” Sy added.

For the first nine months of 2011, SM Prime’s consolidated rental revenues grew by 15 percent to P16.45 billion as it opened new malls last year in Calamba, Novaliches, Tarlac and San Pablo, adding 289,000 square meters in net leasable space. Same-store rental growth was at 7 percent for the period.

Cinema ticket sales likewise increased to P2.07 billion from P2.04 billion last year.

Contribution of SM Prime’s malls in Xiamen, Jinjiang, Chengdu and Suzhou to gross revenues for the nine-month period climbed 55 percent to P1.49 billion, accounting for 8 percent of total consolidated operating revenues.

Contribution of China operations to rental revenues grew to 9 percent from 7 percent.

Gross revenues of the four malls in China increased 56 percent year-on-year because of improvements in the average occupancy rate, which now stands at 94 percent, lease renewals and the opening of the SM Xiamen Lifestyle and SM Suzhou, adding 183,000 square meters of gross floor area.

For the rest of 2011, SM Prime is scheduled to open three new malls in San Fernando, Pampanga; Olongapo, Zambales and Dasmariñas, Cavite. It will also expand two of its existing malls namely, SM City Davao and SM City Dasmariñas.

By the end of 2011, SM Prime will have 48 malls in the Philippines and in China with an estimated combined gross floor area of 5.9 million square meters.

Its shares fell to P12.92 each on Thursday from P12.98 on Wednesday.