MANILA, Philippines – SM Prime Holdings Inc., the listed integrated property firm of the Sy family, reported a 54 percent jump in consolidated net income last year to P28.3 billion.

The increase was boosted by a P7.4 billion one-time trading gain on marketable securities booked in the first quarter of 2015.

Recurring net income rose 14 percent to P20.9 billion due to an eight percent increase in consolidated revenues to P71.5 billion.

“SM Prime sustained its overall net income growth in 2015 as the malls’ overall operations led the performance of the group. This is a reflection of the overall expansion of the economy that continues to be driven by the 6.2 percent growth in household consumption,” company president Hans T. Sy said.

For 2016, he said SM Prime would continue to focus on “enhancing the synergies across our core business units as an integrated property developer.”

Rental revenues from malls and commercial spaces – 57 percent of consolidated revenues – grew 12 percent to P40.7 billion, driven by the company’s expansion across all its business portfolio since 2013.

New malls include SM Aura Premier, SM City BF Parañaque, Mega Fashion Hall in SM Megamall, SM City Cauayan in Isabela, SM Center Angono in Rizal, SM City San Mateo in Rizal and the expansion of SM City Bacolod, all of which contributed an additional total gross floor area of 728,000 square meters.

The group also opened new office buildings – SM Cyberwest in Quezon City and Five E-comCenter in Pasay City, both are fully occupied.

Combined, these office spaces added a GFA of 171,000 sqm. Excluding the new malls and expansions, same-store rental growth continued to exhibit seven percent increase.

SM Prime’s real estate sales, meanwhile, reached P22.2 billion or 31 percent of total revenues.

SM Development Corp. registered higher reservation sales, increasing by 12 percent year-on-year to 14,390 units in 2015.

As a result SMDC, which contributes 93 percent of the housing group’s real estate sales, achieved a 15 percent increment in sales value worth P39.8 billion from P34.6 billion the previous year.

To date, SM Prime has a total of 56 malls in the Philippines with total retail space of 7.3 million square meters.