Listed mall operator SM Prime Holdings, Inc. (SM Prime) yesterday said that profit for the first nine months of the year reached P5.1 billion, up 8 percent from the previous year.

Consolidated revenues reached P14.6 billion, up 14 percent.

The nine months EBITDA was at P10 billion, a 13 percent increase, for an EBITDA margin of 69 percent.

For third quarter alone, SM Prime posted a 9 percent increase in net income at P1.7 billion. Revenues were at P5 billion, a 14 percent increase.

‘These results include the operations of the three SM malls in China. The SM China malls are located in the cities of Xiamen and Jinjiang in Southern China, and Chengdu in Central China. The SM China malls’ major tenants include US retail giant Walmart, SM-Laiya Department Store, apparel retailer Giordano, health and beauty store chain Watsons, and international quick service restaurants McDonald’s and KFC, among others,’ the company said.

The China SM malls contributes 5 percent to total revenues and 2 percent to net income.

‘SM Prime performed up to par and realized its objectives for the period, notwithstanding earlier fears arising from the impact of the global recession. Although there is some disruption in the operations of SM City Rosales and the basement of SM City Sta. Mesa brought about by the recent typhoons, these have minimal impact on the company, as the physical damage and business disruption are covered by insurance. We are speeding up the reopening of the affected malls so that employees who depend on these malls for their livelihood may go back to work immediately. Both malls are expected to resume full operations by November 26, 2009,’ said Hans T. Sy, SM Prime president.