SM PRIME Holdings Inc., the Philippines’ largest mall developer, said on Tuesday its net income climbed 11% in the nine months ending September, helped by sustained revenue gains as it opened more shopping centers.

The company, owned by conglomerate SM Investments Corp. of Henry Sy — one of the country’s richest men — said net income was P4.3 billion, up by 11% from a year ago.

Analysts expect SM Prime to post net income of P6.1 billion, up by 13% from P5.4 billion in 2006, according to Reuters Estimates.

Company President Hans Sy said the group was confident of meeting its goal of a 10%-13% increase in net income this year.

‘SM Prime is well on track to meet its full-year target and we look forward to a vibrant Christmas holiday season to boost our fourth-quarter results,’ Mr. Sy said in a statement.

The company said its gross revenues climbed by 19% to P11.2 billion.

SM expects to launch two new malls this month and an extension of its biggest mall, SM Mall of Asia at the Manila Bay area. An average of 2 million people visit SM Prime’s nearly 30 malls nationwide every day, with the company’s revenues used as a gauge of consumer spending in an economy driven largely by huge sums of money sent home regularly by Filipino workers overseas. Shares of SM Prime lost by 2.33% on Tuesday, weaker than the main index which slid 0.52%. — Reuters