SM Prime Holdings, Inc. (SM Prime) reported first-half net income of P24.5 billion, holding steady from a year earlier.

Total revenues grew 5 percent year-on-year to P71.7 billion from P68.0 billion, with rental income from malls, offices, hospitality and MICE accounting for 61 percent. Real estate sales contributed 27 percent, while cinema ticket sales, food and beverage, amusement and related offerings generated the remaining 12 percent.

"Our focus on tenant relationships, customer experience and cost management supported our performance. Despite challenging market conditions, commercial demand remained resilient across our portfolio," said Jeffrey C. Lim, SM Prime president.

Mall revenues grew 8 percent to P41.8 billion from P38.6 billion on the combined effect of higher occupancy, stronger tenant sales and improved operational efficiency.

Residential revenues, covering core, leisure and premium offerings, slipped 1 percent to P20.6 billion from P20.9 billion on lower revenue recognition from prior-year sales.

Revenues from hotels and convention centers expanded 8 percent to P4.4 billion from P4.1 billion owing to higher bookings and average daily room rate.

Office and warehouse revenues rose 9 percent to P5.0 billion from P4.6 billion, driven by higher space take-up.

Second-quarter consolidated net income rose 1 percent to nearly P12.9 billion from P12.8 billion, as costs grew in line with revenues. Total revenues from April to June increased 9 percent to P38.4 billion from P35.3 billion.