Dominant shopping mall developer SM Prime Holdings Inc. (SMPHI) posted an 11 percent increase in net income to P1.9 billion in the second quarter from P1.7 billion after its revenues increased by 19 percent to P5.9 billion during the period from a year ago.

Earnings before income tax, depreciation and amortization for the period was at P4 billion, or an increase of 17 percent and an Ebitda margin of 67 percent.

SM Prime president Hans Sy said the encouraging results delivered by SM Prime validate their positive sentiment on the economy, which is further bolstered by robust consumer spending.

“In that light, we look to the second half with more optimism in executing our expansion plans. We aim to offer more avenues for high quality yet affordable products and services, for which the SM brand is known,” Sy said.

For the first half, SMPHI reported a 10 percent increase in consolidated net income to P3.8 billion from P3.4 billion a year ago and a 17 percent increase in consolidated revenues to P11.3 billion from P9.6 billion in the same period last year. Danessa O. Rivera