SM Prime Holdings Inc. (SM Prime), the Philippines’ leading shopping mall developer and operator, earned P7.4 billion during the first nine months of the year, driven by the new SM malls launched in the past few years.

In a statement, SM Prime said that it posted a 15-percent increase in consolidated net income for the first nine months of 2012, amounting to P7.40 billion from P6.41 billion during the same period in 2011.

SM Prime said that the growth was largely from rentals from new Philippine malls opened in 2010 and 2011, same store sales of 8 percent, and the improved performance of SM malls in China.

Revenues of SM Prime also reached P22.10 billion from P19.27 billion, also for a 15-percent increase year-on-year.

“Our performance for the first nine months of 2012 gives us confidence in reaching our full-year target. We think that consumer sentiment will remain positive on the back of a strong domestic economy,” the company said.

“Moreover, we anticipate this trend to continue as we approach the holiday season, when consumer spending is particularly strong,” said SM Prime President Hans Sy.

In terms of gross revenues, the four malls in China contributed P1.90 billion in 2012 and P1.49 billion in 2011, or 9 percent and 8 percent of total consolidated revenues, respectively.

Gross revenues of the four malls in China increased by 27 percent in 2012 compared to the same period in 2011, from improvements in the average occupancy level, lease renewals and the opening of SM Xiamen Lifestyle and SM Suzhou, which added 182,000 square meters of gross floor area. The average occupancy rate for the four malls in China is now at 96 percent.

Currently, SM Prime has 46 Supermalls in the Philippines with a total gross floor area of 5.5 million square meters and four Supermalls located in the cities of Xiamen, Jinjiang, Chengdu and Suzhou in China with a total gross floor area of 600,000 square meters.

For the first nine months of 2012, SM Prime opened SM City Olongapo in Zambales, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, SM City General Santos in South Cotabato and SM Lanang Premier in Davao City.

In December, SM Chongqing in China is scheduled to open. By year-end, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined gross floor area of 6.3 million square meters.