MANILA – The property arm of the SM Group expects recurring profit to return to a double-digit growth pace this year.

“It’s going to be a good year. We’re being able to attract more people to come to our malls. We’re able to give the right services,” SM Prime Holdings Inc president Hans T. Sy told reporters in a recent retail event.

SM Prime’s recurring consolidated net income rose eight percent to P17.55 billion in 2013 from P16.64 billion in the previous year.

Including one-time restructuring costs of P1.28 billion, the company’s consolidated profit was flat at P16.27 billion last year.

SM Prime also expects earnings to get a boost from SM Lifestyle Entertainment Inc, which will integrate the lifestyle and entertainment services of the SM Group and encourage bonding among Filipino families and friends.

“It will be more focused and it will play a big role in the future especially with the Internet businesses. That will come in and contribute to the growth,” Sy said.

SM Lifestyle carries 12 major brands, including SM Cinema, IMAX, Director’s Club Cinema, WM Cinemas, Snack Time, SM Tickets, ePlus Tap to Pay, ePlus Digital, Mall of Asia Arena, SM Science Center, SM Bowling Center and SM Skating Rink.

“It’s a very big opportunity out there. Of course, our main objective is to bring people to our mall. I can’t say it’s Internet shopping because if we do that they won’t come over so we’re integrating them so they will have a reason to come over,” Sy said.

SM Prime is the holding firm for the mall, residential, office and tourism development businesses of Henry Sy and family following a corporate restructuring approved by the Securities and Exchange Commission in October 2012.