MANILA, Philippines—Mall developer SM Prime Holdings Inc. reported a seven-percent growth in first-quarter net income to P1.6 billion from P1.5 billion in the same period last year.

The company, controlled by the family of mall magnate Henry Sy Sr., said gross revenues rose eight percent to P3.82 billion from P3.55 billion, largely due to increased rental revenues after three malls opened in 2007: SM City Bacolod, SM City Taytay and SM Supercenter Muntinlupa.

Rental revenues from all of the SM group’s malls, which accounted for 85 percent of total income, grew 10 percent year-on-year to P3.26 billion from P2.96 billion. Absence of blockbuster movies resulted in flat growth in cinema ticket sales.

Operating income rose nine percent to P2.2 billion, mainly due to cost-saving measures in the malls, the company said.

This year, SM Prime is to open more malls: SM City Marikina City, SM City Baliuag in Bulacan province and SM Supercenter Rosales in Pangasinan province. These will bring the total number of SM malls to 33.

The group is expanding SM Megamall in Mandaluyong City and SM City Fairview in Quezon City.

Total gross floor area of the group’s malls will reach 4.2 million square meters at the end of the year.