THE listed mall developer and operator of the SM Group said on Monday its consolidated income grew in the third quarter due to an increase in rental income as the firm continues to open new shopping centers.

In a filing to the stock exchange, SM Prime Holdings Inc. said consolidated profits in the July-to-September period rose 9 percent to P1.7 billion while revenues grew 14 percent to P5 billion from the same period last year.

This brings the company’s profits in the first nine months to P5.1 billion, up 8 percent from last year.

SM Prime said the results include the operations of the three SM malls in China—located in Xiamen and Jinjiang in southern China, and Chengdu in central China. The company said the SM malls in China contributed 5 percent to the group’s total revenues and 2 percent to net income.

“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 president Hans T. Sy.

SM Prime said rental fees, which account for the largest share of revenues, grew 15 percent to P 12.7 billion in the January-to-September period.

The firm said the increase came from same store rental growth, which increased 5 percent, and from additional floor space created by a new mall and several expansion projects completed in the first nine months of the year.

The new mall opened in May is SM City Naga, while those expanded were SM City Rosales in Pangasinan, SM City Fairview, and SM City North Edsa through its Sky Garden.

Combined, the new mall and the expansion projects added approximately 141,000 square meters (sq.m.) to SM Prime’s total gross floor area portfolio.

The recent storms also affected several mall operations, particularly in SM City Rosales and the basement of SM City Santa Mesa.

“These have minimal impact on the company as the physical damage and business disruption are covered by insurance,” said SM Prime in its statement. The company said it expects to bring these malls back to operations by November 26.

In October, SM Prime inaugurated SM Center Las Piñas. It is scheduled to unveil within the fourth quarter SM City Rosario in Cavite.

By the end of the year, SM Prime will have 36 malls nationwide, and including the three SM China malls, its total estimated GFA will reach 4.9 million sq.m.