SM Prime Holdings, Inc., the Philippines’ dominant shopping mall developer and operator, reported a 9.3-percent increase in net income in the firs six months of the year to P3.17 billion from P2.9 billion on year following the consolidation of three China malls into the company.

SM Prime said in a disclosure to the stock exchange that first half revenues grew 8 percent to P8.36 billion from P7.74 billion on year.

The three malls in China contributed P370 million in revenues from P290 million on year, or 4 percent of the total consolidated operating sales. The SM China malls are located in the cities of Xiamen, Jinjiang in Southern China, and Chengdu in Central China.

The SM malls in China allow SM Prime to gain a vital foothold in China’s vibrant and expanding economy and serve as a platform for the company’s long-term growth.

SM Prime’s net income in the first half grew 8 percent to P3.1 billion on revenues of P8 billion.

“We are satisfied with the company’s first-half results. In spite of a much tougher operating environment brought about by global challenges, we still managed to grow and move forward,” said SM Prime President Mr. Hans T. Sy.