MANILA – The country’s biggest shopping mall developer and operator today reported a 15 percent increase in net income during the second quarter on the back of new mall openings and  same-store rental growth.

In a disclosure to the Philippine Stock Exchange, the Henry Sy-led SM Prime Holdings Inc grew its net earnings in the April to June period to P2.85 billion from P2.49 billion in the same three-month period last year.

Net profit in the first half rose at the same pace to P5.64 billion from P4.92 billion a year ago.

Gross revenues jumped 16 percent to P8.72 billion in the three-month period from P7.54 billion in the previous year, pushing first-semester revenues by 14 percent to P16.55 billion from P14.57 billion.

Driving revenues in the first half were the six new malls opened in 2012 and this year coupled with the higher contribution of the company’s malls in China. Same-store rental growth stood at seven percent.

“SM Prime continues to deliver strong revenue growth affirming our positive outlook for 2013. More importantly, the increasing patronage and support that SM Supermalls receive from its customers drive us to deliver better services and concepts that cater to the needs of everyone. In return, we take strides to provide greater convenience, diversity, fresh concepts and exciting experiences in all our SM Supermalls,” said SM Prime president Hans T. Sy.

The five malls in China contributed P1.39 billion in 2013 or eight percent of consolidated revenues. The China operations also accounted for a tenth of SM Prime’s consolidated rental revenues.

Gross revenues of the five malls in China increased nine percent during the six-month period due to improved productivity and lease renewals for the first three shopping centers opened in Xiamen, Jinjiang, and Chengdu. The malls have an average occupancy rate of 93 percent.

SM Prime has 47 malls in the Philippines with a total gross floor area of about six million square meters. The company also has five malls in China with a total gross floor area of around 0.8 million square meters.

Early in the year, SM Prime opened SM Aura Premier, a state-of-the-art civic center in Taguig with a total gross floor area of 234,892 square meters.

“Our offerings at the retail podium in the newly launched SM Aura Civic Center showcased SM Prime’s ability to move away from its comfort zone by catering to a new market, while staying focused in providing affordable luxury to our core market segments,” the younger Sy said.

For the rest of the year, SM Prime is scheduled to launch SM City BF in Paranaque and the expanded SM Megamall. By yearend, SM Prime will have 48 malls in the Philippines and five in China with an estimated combined gross floor area of seven million square meters.