Sy-led shopping mall developer and operator SM Prime Holdings Inc. (SMPHI) posted a net income of P9.1 billion for the full year 2011, surpassing company target as it attained a 15 percent increase from 2010’s P7.9 billion.

The firm said total revenues for the year rose by 13 percent to P26.9 billion while Ebitda increased 16 percent to P18.5 billion, for an Ebitda margin of 69 percent.

These results include the operations of the four SM malls in China, which are located in the cities of Xiamen and Jinjiang in Southern China, Chengdu in Central China, and Suzhou in Eastern China.

It added that the better than expected performance was brought about by a mix of expanded capacity from new malls in the Philippines that opened in 2010 and 2011, and very healthy same-store rental growth of 7 percent.

In addition, SM Prime’s four shopping malls in China sustained their robust growth, with net income doubling to P889 million in 2011, from P428 million in 2010.

A tighter grip on operating expenses through the use of innovative energy conservation methods also contributed to the company’s rise in profits.

SMPHI president Hans Sy said the company’s noteworthy performance in 2011, which was achieved in spite of tempered economic progress, clearly shows that the business formula the company has adopted is resilient and built for sustainable growth.

“Now that there is better optimism on the country’s prospects, the company is even more eager to pursue its growth and expansion plans, as a fitting tribute to all our stakeholders, who we sincerely thank for loyally supporting us all through these years,” he added.

For full year 2011, SM Prime’s consolidated rental revenues contributed 85 percent to the total, and grew by 14 percent to P22.8 billion contributed by new rental space from SM City Tarlac, SM City San Pablo, SM City Calamba, SM City Novaliches and SM City Masinag.

Last week, SMPHI inaugurated SM City Olongapo, its first mall in the province of Zambales. And for the rest of 2012, the mall arm of the SM group is scheduled to open SM City Lanang in Davao City, SM City General Santos in Southern Mindanao, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, and SM Chongqing in China.

SM Prime is focused on developing malls in provincial areas of the Philippines, where it aims to open three to four malls every year.