Sy-led shopping mall developer and operator SM Prime Holdings Inc. (SMPHI) reported a 14 percent increase in consolidated net income for the first nine months of 2011, amounting to P6.41 billion from P5.62 billion in the same period in 2010.

Consolidated revenues also grew 13 percent to P19.27 billion from P17.03 billion from January to September 2010 while Ebitda rose 13 percent to P13.02 billion, for an Ebitda margin of 68 percent.

For the third quarter, SMPHI posted a 15 percent increase in net income to P2.14 billion from P1.86 billion during the same period last year while revenues reached P6.56 billion, increasing by 15 percent year-on-year. Ebitda for the three months increased by 14 percent to P4.34 billion, for an Ebitda margin of 66 percent.

SMPHI attributed its better than expected results to last year’s further expansion, which added 289,000 square meters (sqm) in net leasable space. The four new SM malls that opened last year are SM City Calamba, SM City Novaliches, SM City Tarlac and SM City San Pablo. On top of this, same-store rental grew 7 percent during the period.

SMPHI president Hans Sy said the notable results delivered by the company gives them greater confidence in attaining their full-year target for both the Philippines and China, especially since the holiday season is coming.