SM Prime Holdings Inc. said net income rose 14 percent in the nine months through September as it opened more shopping centers and store rentals rose. 

The country’s biggest mall developer and operator said in a stock exchange filing that net income during the period hit P6.41 billion from P5.62 billion in the same period last year as total revenues increased 13 percent to P19.27 billion.

SM Prime rental revenues rose 15 percent to P16.46 billion, accounting for 85 percent of total.

In the third quarter, SM Prime said net income rose 15 percent to P2.14 billion as revenues hit P6.56 billion, up 15 percent.

The developer added 289,000 square meters of additional leasable space compared to the same period in 2010. Four new malls were opened namely SM City Calamba, SM City Novaliches, SM City Tarlac and SM City San Pablo. SM Prime added that same-store rental grew 7 percent during the period.

“The notable results delivered by SM Prime so far this year give us greater confidence in attaining our full-year target for both the Philippines and China, especially since we are moving toward the holiday season,” SM Prime President Hans Sy said in a statement.

The company reported that expenses during the first nine months rose 12 percent to P9.12 billion and income from operations amounted to P10.14 billion, up 14 percent.

Earlier this year, SM Prime inaugurated SM City Masinag in Antipolo City and SM City Suzhou in China. For the rest of 2011, SM Prime is scheduled to open SM City San Fernando in Pampanga, SM City Olongapo in Zambales and SM Marketmall in Dasmariñas, Cavite.

The builder is also set to expand two of its existing malls namely, SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite.

By year-end, SM Prime will have 48 malls in the Philippines and in China with an estimated combined gross floor area of 5.9 million square meters.

SM Prime, which reported earnings after trading closed, declined 0.46 percent to P12.92 each on Thursday.