SM Prime Holdings Inc., the property business of the Sy family, registered a 54 percent jump in net earnings to P16.72 billion in 2013 from P10.53 billion a year earlier following the consolidation of its mall, residential, office and tourism development businesses.

In a statement to the Philippine Stock Exchange on Monday, SM Prime said consolidated net income would have increased by 8 percent to P17.55 billion without the one-time restructuring cost of P1.28 billion.

“Our consolidated financial results in 2013 were within our expectations. We expect the Philippine economy to sustain its growth momentum in 2014 and create more demand for our property offerings,” said president Hans Sy.

Consolidated revenues rose 5 percent to P59.79 billion from P57.22 billion.

Rental revenues, accounting for 54 percent of the total, grew by 11 percent to P32.20 billion from P28.95 billion due to a full-year effect of new malls and office space opened in 2012 and the opening in 2013 of SM Aura Premier.

SM Prime’s shopping malls in China also sustained profit growth, with net income amounting to P958 million.

Real estate sales reached P20.78 billion because of the three projects last year.

Consolidated operating expenses increased by 12 percent to P23.72 billion in 2013 while consolidated costs of real estate was at P11.94 billion – a 15 percent decrease from P14.02 billion in 2012.

“We will continue to pursue our expansion plans and look for new growth opportunities. We sincerely thank our stakeholders for believing in our vision of becoming a world-class Filipino brand,” said Sy.

During the launch of SM Megamall’s Building D last January 28, CFO Jeffrey Lim said the company allotted P36 billion for capital expenditure this year, largely to expand the shopping mall business.

In May 2013, the SM Group consolidated its property companies and real estate assets under SM Prime. The Philippine Securities and Exchange Commission approved the reorganization on October 10. – Danessa Rivera/VS, GMA News