SM Prime Holdings, Inc. reported a 10 percent growth in its 2006 net income to P5.45 billion, as operating revenues rose 21 percent to P13.2 billion over that of the previous year. 

In a disclosure to the Philippine Stock Exchange yesterday that its earnings before interest, taxes, depreciation and amortization or EBITDA stood at P9.3 billion for an increase of 24 percent.

Growth was mainly derived from the same mall sales of 6 percent and the five new malls that SM Prime opened in 2006, which increased its gross floor area by 23 percent to 3.5 million square meters.

The malls that opened last year were SM City Sta. Rosa, SM City Clark, SM Supercenter Pasig, SM City Lipa, and the largest mall in the country, the SM Mall of Asia, which accounts for about 11 percent of SM Prime’s total GFA.

Average daily foot traffic also increased from 1.7 million in 2005 to 2.0 million in 2006. Cinema ticket sales also increased by 22 percent to P1.6 billion, as blockbusters made their way into SM cinemas, the biggest of which was Superman, a full length movie that also featured select 3D scenes in SM Mall of Asia’s IMAX Theater.