SM Prime Holdings Inc., the mall developer and operator in the retail tycoon Henry Sy’s SM group, reported a 2008 consolidated net income of P6.4 billion, up seven percent from 2007.

Consolidated gross revenues grew 12 percent to P17.8 billion.

Operating expenses rose 15 percent to P8.2 billion, due to construction of new malls and expansion of existing ones.

Income from operations rose nine percent to P9.6 billion.

Rental revenue was P15.4 billion, up 15 percent. The bulk of the increase came from new malls and expanded malls.