MANILA, Philippines – Mall developer and operator SM Prime Holdings Inc. said Monday, November 4 its earnings in the first 9 months of 2013 rose 14% from last year’s level on the back of higher rental income.

In a statement, the company, owned by the country’s richest man Henry Sy, said its January-September net income rose to P8.43 billion from P7.4 billion in the same period of 2012.

Revenues also increased 12% year-on-year to P24.77 billion from P22.10 billion – 85% of which was accounted for by rental income.

SM supermalls that opened in 2012 and 2013 drove the 12% growth in rentals to P20.94 billion.

These malls include SM Aura Premier, SM City Olongapo, SM City Concepcion, SM City San Fernando, SM Lanang Premier and SM City General Santos.

Malls in China accounted for 14% of total revenues and 10% of rental income.

SM Prime has 47 malls in the Philippines, and 5 in China: Xiamen, JinJiang, Chengdu, Suzhou and Chongqing.

It is set to open a new mall in Parañaque City, bringing the number of its shopping centers to 48 by yearend.

Sy-led property units will merge this year after getting the nod of the Securities and Exchange Commission. SM Prime will be the surviving entity. – Rappler.com