LISTED SM Prime Holdings, Inc., the country’s largest mall operator, sees profits growing by 8%-9% this year, a little better than in 2008, as consumer spending continues to hold up.

‘We are really targeting the same or a little bit better [profit growth from last year]. I should say about 8%-9% full-year [growth],’ SM Prime president Hans T. Sy told reporters at the sidelines of the launching of the Green Film Festival in Quezon City.

The consolidated net income of SM Prime rose by 7% to P6.4 billion last year, backed by a 12% increase in consolidated gross revenues to P17.8 billion.

Mr. Sy said remittances from overseas Filipino workers (OFWs) continue to deliver sales growth this year.

OFW remittances grew by 3.8% to $10 billion in January to June compared with the same period last year, data from the central bank showed.

Mr. Sy said the company might spend more than the P12 billion allotted for expansion this year, without citing the amount. ‘We have been quietly acquiring some properties around the country continuously to open two to three malls [yearly],’ Mr. Sy said.

Meanwhile, the mall empire is still bullish on the Chinese market. ‘I think we will be staying in China for long. Our priority would really be growth stories in China,’ Mr. Sy said.

SM Prime has three malls in China, and the firm wants to open one new mall there every year starting next year.

‘The shopping center business can very well grow in China,’ he said, pointing out that there are still several cities without malls.

By yearend, SM Prime expects to have 36 malls in the country, with an estimated gross floor area of 4.9 million square meters.

Maria Arlysa E. Narciso of AB Capital Securities, Inc., said: ‘What [SM Prime] said will drive the interest of investors.’

If remittances continue to recover, ‘then consumer spending will push sales of SM Prime up,’ she added.

SM Prime recorded a consolidated net profit of P3.4 billion in the first half, 8% higher than the P3.2 billion earned during the same period last year given higher revenues from retail.

SM Prime shares rose to P10.75 apiece yesterday from P10.25 on Wednesday.