Starmalls reports 41% increase in Q1 net income

STARMALLS, Inc., the listed commercial arm of Vista Land & Lifescapes, Inc., sustained double-digit growth in the first quarter of 2017.

It told the Philippine Stock Exchange that its revenues reached P1.4 billion, reflecting a 48 percent increase from same period last year.

EBITDA during the period grew 46 percent to P964 million from P660 million in the same period last year.

Net income likewise posted a 41 percent growth to P489 million.

“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,” 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.

Consolidated assets amounted to P38.1 billion.

Capital expenditures for the 2017 are set at P9.0 billion.

As of March 31, 2017, Starmalls had 17 commercial assets in its portfolio, including Metro Cebu, and is continuing to expand its leasable space. PR