Starmalls quarterly income, revenues soar
Starmalls, the listed commercial arm of Vista Land & Lifescapes, Inc., had a strong first quarter with net income soaring 41 per cent to PHP489 million (US$9.7 million).
Revenues, at PHP1.4 billion, were up 48 per cent from same period last year, while EBITDA grew 46 per cent to PHP964 million.
Chairman Manual Villar says the company remains optimistic as the disposable income of Filipinos continues to grow thanks to sound macroeconomic fundamentals in the Philippines.
“Also, we are now taking advantage of the synergies that have developed as a result of our integration into Vista Land.”
At the end of March, Starmalls had 17 commercial assets in its portfolio, and is continuing to expand its leasable space.
President Jerry Navarrete says the company is ramping up its expansion program, developing its commercial land bank and also looking at Vista Land holdings 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.”