MANILA, Philippines – (UPDATE) SM Investments Corp., the holding company for the country's biggest shopping mall operator, said Wednesday net profit rose 14 percent year on year in the nine months to September despite the credit crisis.

The group reported a profit of P9.6 billion ($195.9 million) for the nine months to September, with mall rental income and retailing accounting for 77.1 percent of the total.

Consolidated revenues rose 16.9 percent to P97.4 billion.

"Cash is king now," said executive vice president and chief finance officer Jose Sio.

"Liquidity is the name of the game. You have to be liquid not only to withstand the (crisis), but because you don't know what is going to happen tomorrow," Sio told an investors briefing.

SM Investments is betting the retail sector will escape the worst of the financial crisis with an aggressive plan to open five new shopping malls for the rest of 2008 and five more in the pipeline for 2009.

By then it would have 4.5 million square meters of retail space across the country.

It has also opened three shopping malls in China, with the US chain Wal-Mart as the anchor tenant.

"We are looking beyond the crisis already," Sio said. "This crisis will not last forever."

SM Investments has interests in mall and property development, banking, retail, and leisure projects. It is the flagship of tycoon Henry Sy, one of the country's richest men.