MANILA, Philippines?Shopping mall developer and operator SM Prime Holdings Inc. reported a first-half net income of P3.18 billion, up 10 percent from P2.90 billion in the same period last year.

It said revenue grew eight percent to P8.37 billion from P7.75 billion.

SM Prime?s first-half results included financial reports of three SM malls in China, which were acquired last year. The malls?in Xiamen, Jinjiang in Southern China, and Chengdu in Central China?reported a combined first-half net income of P47 million on revenues of P370 million.

SM Prime?s consolidated rental revenue accounted for the biggest share in the group?s first-half profit, rising 11 percent year-on-year to P7.17 billion from P6.43 billion. The company attributed the growth to strong retail sales and the expansion of mall space, with the opening of three malls in the Philippines last year and the expansion of three old ones.

Operating expenses in the first half rose six percent year-on-year to P3.77 billion from P3.56 billion, with cost-saving initiatives at all SM malls, the company said.

Income from operations rose 10 percent to P4.59 billion from P4.19 billion.

Cinema ticket sales decreased 8.5 percent to P886.58 million from P969.02 million, given a lack of blockbuster movies in the first half, in contrast to the same period last year. Elizabeth Sanchez-Lacson; edited by INQUIRER.net