SM Prime Holdings Inc. (SM Prime) said profit for last year reached P9.1 billion, 15 percent higher than the P7.9 billion in 2010.

Total revenues reached P26.9 billion, 13 percent higher than last year’s P23.7 billion. Ebitda (earnings before interest, tax, depreciation and amortization) increased 16 percent to P18.5 billion, an Ebitda margin of 69 percent.

The company said its’ better-than-expected performance’ was brought about by a ‘mix’ of expanded capacity from new malls in the Philippines that opened in 2010 and 2011, and very healthy same-store rental growth of 7 percent.

In addition, SM Prime’s four shopping malls in China sustained their robust growth, with net income doubling to P889.0 million in 2011 from P428.0 million in 2010. A tighter grip on operating expenses through the use of innovative energy conservation methods likewise contributed to the rise in the company’s profits.

SM Prime has four malls in China – one each in Xiamen and Jinjiang in Southern China, Chengdu in Central China, and Suzhou in Eastern China.

‘SM Prime’s noteworthy performance in 2011, which was achieved in spite of tempered economic progress, clearly shows that the business formula the company has adopted is resilient and built for sustainable growth. Now that there is better optimism on the country’s prospects, the company is even more eager to pursue its growth and expansion plans, as a fitting tribute to all our 

stakeholders, who we sincerely thank for loyally supporting us all through these years,’ said SM Prime president Hans T. Sy.

SM Prime said its consolidated rental revenues contributed 85 percent to the total revenues, which grew 14 percent to P22.8 billion.

‘New rental space came from SM City Tarlac, SM City San Pablo, SM City Calamba, SM City Novaliches and SM City Masinag. Combined, the new malls added 380,000 square meters (sq.m.) to the company’s total gross floor area (GFA) and presently register an average occupancy rate of 97 percent,’ SM Prime said.

Cinema ticket sales increased 10 percent due to popular movies shown during the period. SM Prime recently inaugurated SM City Olongapo, its first mall in the province of Zambales. For the rest of 2012, SM Prime is scheduled to open SM City Lanang in Davao City, SM City General Santos in Southern Mindanao, SM City Consolacion in Cebu, SM City San Fernando in Pampanga, and SM Chongqing in China.

‘SM Prime is focused on developing malls in provincial areas of the Philippines, where it aims to open three to four malls every year. In China, the company will continue to open one mall per year, with increased momentum by 2014, when it is scheduled to open its 540,000-sqm mall in Tianjin,’ the company said.

By the end of this year, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined GFA of 6.3 million sq.m.