SM Prime Holdings Inc., the country’s dominant shopping mall developer and operator, reported a 7 percent increase in net income for 2008 to P6.4 billion from P6 billion in 2007.

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.

MANILA, Philippines – Shopping mall giant SM Prime Holdings Inc. managed to post a seven-percent increase in profit last year despite a slowing economy and tougher business environment.

SM Prime Holdings, Inc. (SM Prime), the Philippines’ dominant shopping mall developer and operator, reported a 7 percent hike in consolidated net income to P6.4 billion in 2008 from P6.0 billion in 2007.

Vice President Noli ‘Kabayan’ de Castro, also chairman of the Housing and Urban Dvelopment Coordinating Council (HUDCC), leads the groundbreaking (upper photo) in Xiamen for the Eton Center, developed by the Eton Properties Xiamen Ltd., which is managed by the Lucio Tan Group of Companies.

The new 92,832-sqm., six-level Annex at SM City North EDSA is located on the site of the old Annex building.

Retail giant SM Prime Holdings Inc. reported that its earnings in 2008 rose by single-digits, boosted by higher rental revenues coming from new malls.

THE Philippines’ biggest mall operator announced on Thursday that its full-year profit grew on the back of its mall expansion despite a slowing economy.

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.

MANILA, Philippines – The Samahang Basketbol ng Pilipinas (SBP) yesterday linked up with SM Supermalls in its nationwide search for young talents who could be given the chance to compete in the World Youth Games in July and the World Youth Olympics in 2010.