SM Prime Holdings, Inc. (SM Prime), the country’s leading shopping mall developer and operator, reported a 9 percent growth in net income for the first six months of the year to P2.6 billion from P2.4 billion in the same period 2005.

The firm said in a disclosure to the Philippine Stock Exchange yesterday that revenues grew 17 percent to P6.1 billion, while operating income grew 20 percent to P3.6 billion as operating expenses increased by 14 percent to P2.5 billion.

SM Prime President Hans Sy said this is due to the company’s conscious efforts at maintaining operational efficiency.

The firm posted a 19 percent increase in gross revenues in the second quarter 2006 to P3.2 billion from P2.7 billion in the same quarter 2005.

Rentals from new SM Supermalls opened in 2005 and 2006, namely, SM City San Lazaro, SM Supercenter Valenzuela, SM Supercenter Molino, SM City Sta. Rosa, SM City Clark and the now famous Mall of Asia boosted the company’s rental revenues by 20 percent to P2.7 billion from last year’s P2.2 billion.

The new malls provided an additional gross floor area of 862,215 square meters.

These new malls currently have an average occupancy level of 95 percent.

Cinema ticket sales also showed a strong performance by growing 21 percent to P395 million in the second quarter due to availability of more blockbuster films.