SM Prime Holdings Inc. booked a 13 percent growth in net profit last year on the back of higher rental revenues and real estate sales.

Net income reached P18.4 billion from P16.27 billion in 2013, the property unit of the Sy group said in an emailed statement Monday.

Consolidated revenues rose 11 percent to P66.2 billion from P59.79 billion.

“The encouraging financial performance in 2014 reiterates that the transformation of SM Prime into a property conglomerate is bearing fruits and trending above management expectations,” SM Prime president Hans T. Sy said.

Rental revenues from retail and commercial spaces, which accounted for 55 percent of the total, expanded by 13 percent to P36.5 billion from P32.2 billion as more malls opened and completed expansion plans that include the completion of Two E-com Center at the Mall of Asia Complex.

The housing group, which cornered 33 percent of consolidated revenues, recorded a 7 percent increase to P22.2 billion. Reservation sales hit P35.9 billion from P26.3 billion.

Revenues from cinemas and amusements rose by 12 percent and 14 percent, respectively, with both sources accounting for 12 percent of the total revenues.

Consolidated costs and expenses rose 8 percent to P38.6 billion from P35.7 billion due to depreciation expenses attributed to new malls added in the past 12 months.

Sy said the roll out of mall expansion and office buildings will help the company book better income this year. – Danessa O. Rivera/VS, GMA News