Starmalls sustained strong double-digit growth for the year 2016
Apr 05, 2017
Starmalls, Inc., the commercial arm of Vista Land & Lifescapes, Inc., sustained strong double digit growth for the full year 2016. Rental revenues was at P4.5 billion or a 61% increase from last year’s P2.8 billion. EBITDA during the period grew 77% to P3.3 billion from P1.8 billion in 2015. Net income likewise posted a 71% growth to P1.55 billion from P0.90 billion last year.
“We remain optimistic about the retail industry’s outlook for 2017, as we continue to see continued growth in the disposable income of Filipinos, the rising middle class in the country, and sound Philippine macroeconomic fundamentals,” said Chairman Manuel B. Villar, Jr. “In addition, we are taking advantage of the synergies that we found as a result of our integration with Vista Land,” he added.
The Company’s total consolidated assets at the end of 2016 amounted to P35.8 billion from P31.8 billion in 2015.
As of end 2016, Starmalls already has 17 commercial assets in its portfolio and is still continuing to expand its leasable space. According to Jerry Navarrete, President of the Company, they are ramping up Starmalls’ expansion program and will deliver additional leasable space in the coming years as they develop their existing 46.9 hectares of commercial land bank and will be taking advantage of Vista Land’s over 600 hectares of land across the country that are suitable for commercial development as future expansion. “The Company’s strong growth rate was sustained as the additional commercial assets opened during the year are already contributing to our financial performance, in addition to the increased rental revenues from our existing malls brought about by higher rental reversions and increased occupancy,” he added.
Starmalls is a major developer, owner and operator of retail malls that target mass market retail consumers in the Philippines and is an early mover in this market segment, focusing on locating in densely populated areas underserved by similar retail malls and within close proximity to transport hubs and key infrastructure. It also develops and operates business process outsourcing commercial centers.
