MANILA, Philippines – Mall developer and operator SM Prime Holdings on Monday said its net income for the first half jumped 15% to P5.64 billion, helped by the opening of new malls.

In a statement, SM Prime said revenues rose 14% to P16.55 billion in the January to June period, from P14.57 

billion a year ago.

In the second quarter alone, net income increased by 15% to P2.85 billion, while gross revenues went up by 16% to P8.72 billion.

The company attributed the higher earnings to new malls opened in the Philippines and China. Among the new malls opened last year and this year were SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier and SM Aura Premier.

SM Prime noted that same-store rental growth rose by 7%.

“SM Prime continues to deliver strong revenue growth affirming our positive outlook for 2013. More importantly, the increasing patronage and support that SM Supermalls receive from its customers drive us to deliver better services and concepts that cater to the needs of everyone,” SM Prime President Hans T. Sy said.

SM Prime’s operating expenses went up 13% to P7.71 billion in the first half, due to new malls and increase in administrative expenses and film rentals. Income from operations rose 14% to P8.84 billion.

The five malls in China contributed P1.39 billion in the first six months, representing 8% of total consolidated revenues. In terms of rental revenues, the China operations contributed 10% to SM Prime’s consolidated rental revenues. Gross revenues of the five 

malls in China increased 9%, on improved mall productivity and lease renewals for SM Xiamen, SM Jinjian and SM Chengdu.Average occupancy rate for the first three malls is at 93%.

At present, SM Prime has 47 malls in the Philippines and five in China.