MANILA – Sy-led SM Prime Holdings Inc. reported a consolidated net income of P5.1 billion for the first 9 months of the year, up 8% from the same period last year, as consumer spending continued to hold up owing to sustained remittance inflows.

In a statement, the country’s largest shopping mall operator said revenues for the period grew 14% year-on-year to P14.6 billion, with rental fees accounting for the largest share.

For the third quarter alone, SM Prime’s net income stood at P1.7 billion, 9% higher than the year-ago level as revenues for the quarter jumped 14% to P5 billion.

The company said that the 3 SM malls in China contributed 5% to total revenues and 2% to net income. The malls are located in the cities of Xiamen and Jinjiang in Southern China, and Chengdu in Central China.

‘SM Prime performed up to par and realized its objectives for the period, notwithstanding earlier fears arising from the impact of the global recession,’ said SM Prime President Hans Sy.

‘The resiliency of OFW remittances augurs well for the company as we move into the Christmas season. Our positive third-quarter results are a validation of the company’s sound operating principles and deep understanding of its markets,’ he added.

From January to September 2009, SM Prime’s rental fees grew 15% to P12.7 billion on the back of a 5% same-store rental growth, and additional floor space created by the opening of new shopping centers and expansion of existing ones.

Cinema ticket sales likewise rose 8% to P1.4 billion from P1.3 billion due to a good number of blockbuster movies.

Operating expenses during the first 3 quarters of the year, meanwhile, went up by 18% to P6.9 billion from P5.8 billion because of the launching of new malls.

Sy said mall operations in SM City Rosales and the basement of SM City Sta. Mesa were somewhat affected by the recent typhoons, but these had minimal impact on the company’s financial performance.

‘We are speeding up the reopening of the affected malls so that employees who depend on these malls for their livelihood may go back to work immediately,’ Sy said. The malls are expected to resume full operations by November 26, 2009.