SM Prime Holdings Inc., the property arm of the Sy family, said its profit last year aggregated P18.4 billion, 13 percent higher than the previous year’s P16.2 billion.

The country’s largest property developer reported on Monday that its consolidated revenues reached P66.2 billion, 11 percent higher than end-2013 figures of only P59.64 billion.

“The encouraging financial performance in 2014 reiterates that the transformation of SM Prime into a property conglomerate is bearing fruit and trending above management expectations. We expect this performance to be surpassed this year, as the company pursues its 2015 expansion plans,” said Hans Sy, SM Prime president.

Rental revenues from retail and commercial spaces grew 13 percent to P36.5 billion, from P32.2 billion. Rental revenues accounted for more than half of SM Prime’s consolidated revenues.

The company benefited from the expansion of its mall network and on its existing malls the past two years, including its premier mall in Taguig; other shopping centers, such as those in BF Homes in Parañaque City; the expanded area of Megamall in Mandaluyong City; and new facilities in Cauayan in Isabela province and Angono in Rizal province. These malls have a combined gross floor area of 564,000 square meters.

“Growth was also partly due to its Two E-com Center at the Mall of Asia Complex, which opened in 2012, and is now fully occupied.  Meanwhile, same-store rental grew by 7 percent, sustaining the growth posted in 2013,” the company said.

The housing group, meanwhile, which accounted for 33 percent of consolidated revenues, saw sales reach P22.2 billion, a 7-percent increase, mainly driven by the increase in the pace of construction of sold units in its development in Taguig City, Pasay City and Quezon City.

Meanwhile, reservation sales hit P35.9 billion in 2014, from only P26.3 billion in 2013. Most of the reservation sales were from Shore Residences and Air Residences projects in Pasay and Makati, respectively.

The mall’s cinemas generated ticket sales of P4.3 billion, an increase of 14 percent during the period. The increase was driven by the opening of additional digital cinemas in the new and expanded malls, as well as by the launch of international and local blockbuster movies, SM Prime said.

Excluding the new malls and the expansions, same-store cinema-ticket sales grew by 10 percent.  Amusement and other revenues, meanwhile, increased by 8 percent to P3.3 billion, due mainly to the strong patronage of amusement riders and the additional recreational facilities provided by management in the various malls.

Cinemas and amusement sales account for 12 percent of SM Prime consolidated revenues.

The company said it incurred costs and expenses of P38.6 billion, 8 percent higher than last year’s P35.7 billion. The bulk of the increase came from depreciation expenses attributed to the new malls added the past 12 months.

Film rentals were also higher as this corresponded to the growth in cinema ticket sales in 2014.

Consolidated cost of real estate was P12.3 billion in 2014, up by 3 percent from last year, it said.