Our profit growth was a bit stronger than we expected.

Excluding the impact of currency changes, futures grew 11.4%, a significant acceleration versus the 8.3% constant-dollar growth we reported last quarter,

The principal conclusion is that we expect profit growth to continue through our new forecast horizon.

[This year's profit] growth would mainly come from the full-year contribution of the new malls and the opening of its largest mall -- the Mall of Asia.

Evidence is accumulating that growth in the fourth quarter slowed in the euro zone. Two-year bonds should profit from this development.

The profit growth in the first half demonstrates that our strategy is delivering strongly.