SM Prime Holdings, Inc., one of the top integrated property companies in Southeast Asia, reported a 13 percent hike in consolidated net income to P18.4 billion last year on the back of an 11 percent growth in revenue to P66.2 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,” said SM Prime President Hans T. Sy.

He added that “we expect this performance to be surpassed this year as the company pursues its 2015 expansion plans with the opening of four new malls, the completion of FiveE-comCenter and the launch of five new housing projects.”

Sy said in disclosure to the Philippine Stock Exchange that these will complement the expansion of existing malls and on-going construction of high-rise residential development projects.

SM Prime’s rental revenues from retail and commercial spaces grew by 13 percent to P36.5 billion in 2014 from P32.2 billion in 2013. Rental revenues accounted for 55 percent of SM Prime’s consolidated revenues.

Management attributed the increase in rental revenue mostly to the new malls that opened and the expansion of existing malls in 2013 and 2014 which have a combined total gross floor area of 564,000 square meters.

Growth was also partly due to TwoE-comCenter at the Mall of Asia Complex which opened in 2012 and is now fully occupied. Meanwhile, same-store rental grew by 7 percent, sustaining the growth posted in 2013.

SM Prime’s housing group, which accounted for 33 percent of consolidated revenues, recorded a 7 percent increase in real estate sales to P22.2 billion in 2014, mainly driven by the increase in the pace of construction of sold units.

Meanwhile, reservation sales surged to P35.9 billion in 2014 from P26.3 billion in 2013. Most of the reservation sales were from Shore Residences and Air Residences projects in Pasay and Makati respectively.

The mall’s cinemas generated ticket sales of P4.3 billion, an increase of 14 oercent during the period under review due to the opening of additional digital cinemas in the new malls and expanded malls and by the launch of international and local blockbuster movies.

Excluding the new malls and expansions, same-store cinema ticket sales grew by 10 percent.

Meanwhile, amusement and other revenues increased by 8 percent to P3.3 billion in 2014, mainly due to the strong patronage of amusement rides and additional recreational facilities provided by management in various malls.

Cinemas and amusements accounted for 12% of SM Prime consolidated revenues in 2014.