Two storms that devastated Luzon failed to drag down the profits of the country’s largest mall developer.

In a disclosure, SM Prime Holdings, Inc. said its net income from July to September grew by 9% to P1.7 billion, bringing nine-month profits to P5.1 billion, or an 8% growth from the same period last year.

Revenues climbed by more than a tenth to P14.6 billion, after third-quarter revenues grew by 14% to P5 billion.

“SM Prime realized its objectives for the period, notwithstanding earlier fears arising from the impact of the global recession,” SM Prime President Hans T. Sy said.

“Although there is some disruption in the operations of SM City Rosales and the basement of SM City Sta. Mesa brought about by the recent typhoons, these have minimal impact on the company, as the physical damage and business disruption are covered by insurance.”

Mr. Sy said both malls are expected to resume full operations by Nov.

26, after being hit by storms Pepeng and Ondoy.

He said the company would close the year with higher profits because of overseas Filipino remittances during the Christmas season.

SM Prime also credited the operations of the three SM malls in China, located in the cities of Xiamen and Jinjiang in Southern China, and Chengdu in Central China.

Rental fees accounted for the biggest chunk in the company’s revenues, growing by more than a tenth to P12.7 billion during the nine-month period because of the additional floor space created by a new mall and several expansion projects.

SM City Naga opened in May. Expanded were SM City Rosales in Pangasinan, SM City Fairview, and SM City North EDSA through its new Sky Garden.

Meanwhile, cinema ticket sales grew by 8% to P1.4 billion due to a number of blockbuster movies.

SM Prime recently inaugurated SM Center Las Piñas and is scheduled to unveil within the fourth quarter the new SM City Rosario in Cavite.

By yearend, SM Prime will have 36 malls nationwide, and including the three SM China malls, will have a total gross floor area of 4.9 million square meters.

Shares in the company slipped by 1.02% or P0.10 to P9.70 apiece yesterday.