Philippine shopping mall operator SM Prime Holdings Inc reported its net profit in 2007 rose 10 percent to 6 billion pesos from a year before, boosted by higher rental revenue. 

SM Prime said late Friday its gross revenue increased 16 percent to 15.3 billion pesos. Rental revenue comprised the largest share of the company’s revenue at 12.8 billion pesos, up 17 percent from 2006 with the opening of three new malls and the expansion of three existing ones. 

Income from operations rose 14 percent to 8.7 billion pesos. Operating expenses increased 19 percent to to 6.6 billion pesos. 

‘SM Prime successfully met its 2007 targets. We are satisfied with this achievement,’ company president Hans Sy said in a statement. 

For 2008, SM Prime will spend 6.0 billion pesos to open three new malls and expand two existing malls. By the end of this year, the company will have 33 malls in the Philippines. SM Prime is a subsidiary of conglomerate SM Investments Corp.