Starmalls H1 net income up 71% at P725M

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STARMALLS, Inc., the commercial arm of Villar-led Vista Land and Lifescapes Inc., posted a 71 percent rise in net income for the first half of the year driven by higher rental income.

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Starmalls said on Monday its net income surged to P725 million from last year’s P424 million as rental income soared 73 percent to P2 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 58 percent to P1.4 billion in the six months, while total consolidated assets amounted to P33.4 billion. Capital expenditures during the period totaled P3.6 billion.

We are positive with the retail industry’s outlook for the rest of the year, as we are well-positioned to benefit from the favorable Philippine demographic, economic and development trends,” said Vista Land chairman Manuel Villar, Jr.

As of end-June 2016, Starmalls currently has 14 retail malls and three BPO commercial centers in its portfolio and 46.9 hectares of commercial land bank.

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