Starmalls Inc., the commercial arm of Vista Land & Lifescapes Inc., registered a net income of P1.1 billion in the first nine months, up by 53 percent from P700 million recorded in the same period last year, on double-digit growth in rental income.
Starmalls said in a statement rental revenues climbed 71 percent to P3 billion from P1.7 billion in the same period in 2015.
“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,” Starmalls chairman Manuel Villar Jr. said.
“In addition, we will be taking advantage of the synergies that developed as a result of our integration into Vista Land,” he said.
Starmalls had 17 commercial assets in its portfolio as of end-September and continues to expand its leasable space.
Starmalls president Jerry Navarrete said the company was ramping up Starmalls’ expansion program and would deliver additional leasable space in the coming years. He said the company was developing existing 46.9 hectares of commercial land bank and would take advantage of Vista Land’s over 600 hectares of land across the country that are suitable for commercial development.
“The company’s growth rate was rapid as the additional commercial assets we opened during the year started contributing to our financial performance and added to the increased rental revenues from our existing malls brought about by favorable rental reversions and increased occupancy,” Navarrete said.
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.
