Earnings of SM Prime Holdings Inc. will remain within single-digit levels this year but will most likely be higher than last year’s profits, its president said.

Profits are seen to expand by eight to nine percent this year, higher than the seven percent reported last year, SMPH president Hans Sy told reporters at the sidelines of the launch of the Green Film Festival at SM North Edsa.

Besides pointing out that the company remains shielded from the crisis’ effects, its China malls have been instrumental in helping the company meet its growth targets, he added.

The company, which runs the Sy family’s mall business, has three shopping centers in China, located in the cities Xiamen and Jinjiang in southern China and Chengdu in central China.

Malls remain one of the many growth sectors of China, the world’s fastest growing economy.

“To my knowledge shopping centers is one area that will do well in China because there are second, third-tiered cities that do not even have shopping malls,’ he added.

SMPH may even increase its funds for its P12 billion expansion program this year, Sy added.

The company is still “quantifying’ additional amounts it needs for its expansion while “finalizing some acquisitions and properties,’ Sy said.

The company has been buying properties around the Philippines so that it can open two to three malls annually.

On Wednesday, SM Prime launched the Philippines’ first Green Film Festival at the Block in SM North Edsa, in partnership with the French Embassy and the Japan Foundation.

After one week, the festival will later be transferred to SM Megamall and then to the SM Mall of Asia a week later.

The Green Film Festival features films and documentaries underscoring the importance of addressing climate change.