Shopping mall operator and developmer SM Prime Holdings, Inc. (SMPH) said its first quarter income grew 7 percent to P1.6 billion as gross revenues rose 8 percent to Php3.8 billion on expanded of three new malls opened last year.

In a statement, SMPH noted the strong showing of SM City Bacolod, SM City Taytay and SM Supercenter Muntinlupa. Rental revenues from all the malls, which accounted for 85 percent of total revenues, grew 10 percent to P3.3 billion. Same store rental growth was at five percent despite the ongoing redevelopments in SM Megamall and SM North Edsa.

However, the absence of blockbuster movies shown during the period resulted in a flat growth for cinema ticket sales.

On account of the new mall opening, operating expenses increased by 6 percent to Php1.6 billion. In spite of this, however, operating income grew by 9% to Php2.2 billion during the period, mainly due to cost saving measures implemented in the malls.

This year, SM Prime is set to open SM City Marikina in Metro Manila, SM City Baliuag in Bulacan, and SM Supercenter Rosales in Pangasinan, increasing the total number of malls to 33. Currently being expanded are SM Megamall and SM City Fairview.