EARNINGS: SM Prime posts P7.9-B net income last year

SM Prime Holdings Inc. on Monday said its net profit grew 13 percent to P7.9 billion last year from P7 billion in 2009. Sales of the mall operator reached P23.7 billion last year, an increase of 16 percent year-on-year. SM Prime said in a statement that its "strong" financial performance was due to sustained personal consumption expenditure, fueled by robust money transfers from Filipinos abroad and by election spending. For this year, SM Prime intends to open three new malls — SM City Masinag in Antipolo City, SM City San Fernando in Pampanga, and SM City Olongapo in Zambales. The Sy-owned firm said it is also planning to expand SM City Davao in Southern Mindanao and SM City Dasmariñas in Cavite within this year. Before 2011 ends, SM Prime will have 47 malls in the Philippines and China, with an estimated gross floor area of 5.7 million square meters. — JE, GMA News