First-half income surges 38 per cent for Starmalls
Starmalls, the commercial arm of Vista Land & Lifescapes, has had a 38 per cent surge in first-half net income to PHP1 billion (US$19.4 million).
It revenues rose by 35 per cent to PHP2.7 billion year on year, while EBITDA grew 43 per cent to PHP1.95 billion.
“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 through sound macroeconomic fundamentals,” says Starmalls chairman Manuel Villar Jr.
“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 PHP39.4 billion, and at the end of June Starmalls had 17 commercial assets.
President Jerry Navarrete says the company is ramping up its expansion program and will also be looking at Vista Land’s 600-plus hectares of land across the nation.
“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 malls brought about by favorable rental reversions and increased occupancy.”