By: Don Gil K. Carreon

PROFITS OF listed mall developer SM Prime Holdings, Inc. went up by almost 7% last year as revenues climbed by over a tenth, with consumers continuing to flock to malls despite a difficult economic situation, the company said in a statement yesterday.

Its consolidated net income hit P6.4 billion in 2008, 6.7% better than in 2007, while revenues went up by 12% to P17.8 billion.

‘Notwithstanding the global financial situation, SM Prime achieved its goals and sustained its expansion in 2008,’ SM Prime said. The company, it added, performed fairly well and had managed to deliver on its targets and objectives ‘due mainly to the unwavering support of its loyal customers, tenants, suppliers, shareholders, and employees.’