The Philippines’ biggest mall developer SM Prime Holdings Inc. said its net profit in the first quarter rose 7.0 percent to P1.6 billion ( million) from a year ago, boosted by higher rental revenue.

Gross revenue in the first quarter climbed 8.0 percent to P3.8 billion on higher rental income from the opening of three new malls.

‘SM Prime continued to exhibit growth in the first quarter amid a more challenging environment,’ SM Prime president Hans Sy said in a statement.

This year, SM Prime will open another three new shopping malls, bringing its total number of malls to 33.

SM Prime is a unit of listed conglomerate SM Investments Corp., the holding company of local tycoon Henry Sy.