SM Prime Holdings Inc.’s (SMPH.PH) revenue in the first quarter likely rose 20%-25% on year, on the back of the continued expansion of its malls, company executives said Monday. 

‘2007 looks promising,’ said SM Prime President Hans Sy at a briefing after the company’s annual general meeting.  SM Prime Executive Vice President Jeffrey Lim said preliminary figures showed 20% to 25% on-year growth in revenue in the quarter ended March 31, while same-store sales were up 7% on year. 

Lim said the country’s largest mall operator by sales and assets has set an ‘earnings guidance’ of 12% to 13% growth in net profit this year.  For 2006, the company posted a net profit of PHP5.45 billion, up 10% from 2005. 

During the meeting, SM Prime shareholders approved a plan to double the company’s authorized capital to PHP20 billion.  The company also declared a one-for-four stock dividend to cover the capital increase.  A PHP0.27-a-share cash dividend, equivalent to 50% of last year’s net profit, was also declared.