SM PRIME Holdings Inc., the Philippines’ largest shopping mall operator, said its profits in the first six months of the year rose on revenues from its new malls.

In a statement to the Philippine Stock Exchange, SM Prime said its bottom line grew by 9 percent from P2.4 billion last year to P2.6 billion this year.

“Revenues grew 17 percent to P6.1 billion, while operating income grew 20 percent from P3. billion as operating expenses increased by only 14 percent to P2.5 billion. This is due to the company’s conscious efforts at maintaining operational efficiency,�? the report said.

Rentals coming from new malls opened this year and last year, including SM City San Lazaro, SM Supercenter Valenzuela, SM Supercenter Molino, SM City Santa Rosa, SM City Clark and the Mall of Asia, boosted the company’s rental revenues by 20 percent to P2.7 billion.

Cinema tickets also contributed to the growth as it registered a 21-percent jump to P395 million in the second quarter owing to availability of movies that drew people to cinemas.

Other malls scheduled to open this year are the SM Supercenter Pasig and SM City Lipa. Total gross floor area will increase to 3.6 million square meters by year-end.

However, the same report showed the company’s debt increased.

“Loans payable increased 157 percent due to additional short-term, peso-denominated and dollar-denominated loans amounting to P2 billion and .25 million, respectively, availed during 2006, net of principal payments amounting to .6 million,�? the report said.

“Likewise, long-term debt also increased due to the P3-billion floating rate note facility availed from Metrobank in June 2006,�? it added.