Shopping mall giant SM Prime Holdings Inc. posted a net income of P5.64 billion in the first six months of the year, up 15 percent from P4.92 billion in the same period last year.

Revenues in the January to June period expanded by 14 percent to P16.55 billion from P14.57 billion during the same comparable period, SM Prime noted in a statement Monday.

Earnings before interest, taxes, depreciation and amortization (EBITDA) registered at P11.09 billion, reflecting a 14 percent growth year-on-year while EBITDA margin stood at 67 percent.

Growth in rental revenues was largely driven by new malls opened in 2012 and 2013 with a total GFA of 698,000 square meters (sqm, on top of higher contribution of China malls, while same-store rental growth stood at 7 percent.

Second quarter net income, on the other hand, increased by 15 percent to P2.85 billion from P2.49 billion year-on-year while gross revenues jumped by 16 percent to P8.72 billion.

For the rest of 2013, SM Prime is scheduled to launch SM City BF in Parañaque and open Building D of SM Megamall to end the year with 48 malls in the Philippines and five in China with an estimated combined gross floor area of 7 million sqm. — Danessa Rivera/VS, GMA News