Mall owner’s profit increases

Tuesday, Jan. 27, 2004 | 9:19 a.m.

CHICAGO -- General Growth Properties Inc., the second-largest U.S. owner of shopping malls, on Monday said fourth-quarter earnings rose 21 percent, helped by a rise in revenue at retail stores during the holiday season.

Net income climbed to $99.4 million, or 46 cents a share, from $74.2 million, or 38 cents, a year earlier, a company statement said. Revenue for the real estate investment trust, including sales from joint ventures, increased 17 percent to $475.6 million.

General Growth owns Meadows and Boulevard malls in Las Vegas.

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