MANILA – SM Prime Holdings said Monday January to June net income rose 16 percent to P16.6 billion, on the back of new malls and residential projects.

SM Prime opened new malls in Cavite, Pangasinan and Pampanga in the first half. It will also open a new mall in Albay and another in Leyte later this year. It currently operates 77 malls, 70 in the Philippines and 7 in China.

“We intend to deliver more integrated developments in the coming years anchored by lifestyle malls, luxurious yet affordable residences and other complementary amenities across the country,” said SM Prime President Jeffrey C. Lim.

The company also noted strong revenue growth from its residential unit, hotels, convention centers and commercial properties group.

Source: ABS-CBN