The Philippines’ biggest mall developer SM Prime Holdings Inc. said its net profit in the first quarter rose 7 percent to 1.6 billion pesos (US$ 38 million) from a year ago, boosted by higher rental revenue.

Gross revenue in the first quarter climbed 8 percent to 3.8 billion pesos on higher rental income from the opening of three new malls.

‘SM Prime continued to exhibit growth in the first quarter amid a more challenging environment,’ SM Prime president Hans Sy said in a statement.

This year SM Prime will open another three new shopping malls, bringing its total number of malls to 33.

SM Prime is a unit of listed conglomerate SM Investments Corp., the holding company of local tycoon Henry Sy.