Leading mall operator SM Prime Holdings Inc. yesterday reported a net income of P6 billion in 2007.

The company’s income is 10-percent higher than the previous year’s P5.4 billion SM add in a statement to the exchange. Gross revenues during the year also grew by 16 percent to P15.3 billion.

With three new malls opened and three existing malls expanded in 2007, rental revenues contributed to the largest share for the year, increasing by 17 percent to P12.8 billion compared to P11 billion in 2006.

Operating expenses, on the other hand, rose 19 percent to P6.6 billion.

SM Prime president Hans Sy said, “SM Prime successfully met its 2007 targets. We are satisfied with this achievement, which we owe to all our stakeholders. We thank our customers for their loyal patronage and continued support, as well as our shareholders for the trust and confidence thy placed on us in helping the company.�?

“What we have attained last year, serves as a challenge for us to work and strive even harder in 2008,�? he said.

For 2008, SM Prime is allocating P6 billion for its plan opening of three new malls and expand two of its existing malls.

The new malls to be opened are SM Super center Rosales in the Northern Luzon province of Pangasinan, SM City Baliuag in Bulacan Province, which is just north or Manila and SM City Marikina in Metro Manila.

Scheduled for expansion are Metro Manila Malls SM City Fairview and SM Megamall. By the end of this year, SM Prime will have 33 malls in the Philippines with a combined ground floor area of 4.1 million square meters.