SM PRIME Holdings Inc., the country’s biggest shopping mall developer, said net income in the third quarter rose 16 percent to P2.48 billion as it opened more shopping centers in the country and as China’s performance improved, a Philippine Stock Exchange filing on Monday showed. 

Earnings during the quarter brought net income in the nine months through September to P7.40 billion, up 15 percent, the developer said.  

SM Prime said revenues from July to September reached P7.52 billion, for a 15-percent year-on-year increase. For the nine-month period, revenues were up 15 percent P22.1 billion.

In addition, its nine- month earnings before interest, taxes, depreciation, and amortization (Ebitda) rose 12 percent to P14.6 billion for an Ebitda margin of 66 percent. 

In terms of gross revenues, the four malls in China contributed P1.9 billion in 2012 and P1.49 billion in 2011, or 9 percent and 8 percent of total consolidated revenues, respectively.

Gross revenues of the four malls in China increased by 27 percent in 2012 compared with the same period in 2011 due to improvements in the average occupancy level, lease renewals, and the opening of SM Xiamen Lifestyle and SM Suzhou which added 182,000 square meters of gross floor area, the disclosure showed. The average occupancy rate for the four malls in China is now at 96 percent.

“Our performance for the first nine months of 2012 gives us confidence in reaching our full-year target. We think that consumer sentiment will remain positive on the back of a strong domestic economy,” SM Prime president Hans  Sy said in the statement.

“Moreover, we anticipate this trend to continue as we approach the holiday season, when consumer spending is particularly strong,” he added.

Operating expenses during the first nine months of 2012 increased by 14 percent to P10.45 billion due to increase in administrative expenses.