Starmalls sustained strong growth in 1Q2017, net income grew 41%
May 18, 2017
Starmalls, Inc., the listed commercial arm of Vista Land & Lifescapes, Inc., sustained double digit growth for its results of operations for first quarter of 2017. Revenues were at P1.4 billion or a 48% increase from same period last year. EBITDA during the period grew 46% to P964 million from P660 million in the same period last year. Net income likewise posted a 41% growth to P489 million.
“We remain optimistic with the retail industry’s outlook for the rest of the year, as we continue to see sustained growth in the disposable income of Filipinos due to sound Philippine macroeconomic fundamentals,” said Chairman Manuel B. Villar, Jr. “In addition, we are now taking advantage of the synergies that has developed as a result of our integration into Vista Land,” he added.
The Company’s total consolidated assets amounted to P38.1 billion. Capital expenditures for the 2017 are set at P9.0 billion.
As of March 31, 2017, Starmalls had 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 commercial land bank and will also be looking at Vista Land’s over 600 hectares of land across the country that are suitable for commercial development. “The Company’s growth rate was robust as our expansion programs are already contributing to our financial performance in addition to the increased rental revenues from our existing malls brought about by favorable 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.
