Starmalls net income grew 37% to P1 billion for the 1st semester of 2017; sustained strong growth
Aug 15, 2017
Starmalls, Inc., the listed commercial arm of Vista Land & Lifescapes, Inc., reported a net income of P1.0 billion for the 1st semester of 2017 and sustained double digit growth for its results of operations. Revenues were at P2.7 billion or a 36% increase from same period last year. EBITDA during the period grew 43% to P1.95 billion from the same period last year.
“We remain optimistic about 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 have developed as a result of our integration into Vista Land,” he added.
The Company’s total consolidated assets amounted to P39.4 billion. Capital expenditures for the 2017 are set at P9.0 billion.
As of June 30, 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.
