By Inside Retail Asia on February 26, 2014

Filipino mall developer SM Prime achieved 16.3 billion pesos ($365.9 million) in net earnings in 2013.

Consolidated revenues rose five per cent to 59.79 billion pesos ($1.34 billion) from 57.22 billion pesos ($1.28 billion) a year ago.

The increase was primarily due to the full-year effect of new malls opened in 2012, namely SM City Olongapo, SM City Consolacion, SM City San Fernando, SM City General Santos, SM Lanang Premier, and the opening in 2013 of SM Aura Premier.

Excluding the new malls and expansions, rental revenues grew seven per cent. SM Prime’s shopping malls in China also sustained their profit growth, with net income amounting to 958 million pesos ($21.5 million).

“Our consolidated financial results in 2013 were within our expectations. We expect the Philippine economy to sustain its growth momentum in 2014 and create more demand for our property offerings,” said SM Prime president Hans Sy.

SM says it plans to continue expand and look for new growth opportunities.