TYCOON HENRY SY’S SM PRIME HOLDINGS Inc., owner of the country’s biggest shopping mall empire, reported an 8-percent growth in net profit in the first nine months from year-ago level.

This was attributed to strong rental revenue, which was boosted by the opening of new malls and the expansion of some of the existing malls.

SM Prime posted a consolidated net income of P5.1 billion in January to September. For the third quarter alone, it reported a 9-percent year-on-year profit growth to P1.7 billion.

Revenue grew by 14 percent to P14.6 billion in the first nine months of the year. Cash flow, as measured by earnings before interest, taxes, depreciation and amortization (Ebitda), went up by 13 percent year-on-year to P10.0 billion, for an Ebitda margin of 69 percent.

Income from operations reached P7.7 billion, up by 11 percent over a year ago.

Operating expenses during the nine-month period rose by 18 percent to P6.9 billion over a year ago.