By James A. Loyola
Starmalls, Inc., the listed commercial arm of Vista Land & Lifescapes, Inc., reported a 38 percent surge in net income to P1.0 billion in the first semester of 2017 from the P725 million earned in the same period last year, sustaining its double-digit growth.
In a disclosure to the Philippine Stock Exchange, the firm said revenues were at P2.7 billion during the six month period or a 35 percent increase from P2 billion in the first half last year.
EBITDA during the period grew 43 percent to P1.95 billion from P1.4 billion in 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 Starmalls Chairman Manuel B. Villar Jr.
He added that, “We are now taking advantage of the synergies that have developed as a result of our integration into Vista Land.”
The Company’s total consolidated assets amounted to P39.4 billion. Capital expenditures for 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 Starmalls President Jerry Navarrete, 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.
He added that the firm 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.