Starmalls sustains sales growth

STARMALLS, INC. reported on Tuesday a 71% increase in net income to P1.55 billion for 2016 as it sustained its double-digit sales growth in the earlier year.

In a statement, Jerry M. Navarrete, Starmall president, said the strong growth rate last year “was sustained as the additional commercial assets opened during the year are already contributing to our financial performance, in addition to the increased rental revenues from our existing malls brought about by higher rental reversions and increased occupancy.”

The commercial arm of Vista Land & Lifescapes, Inc. reported rental revenues of P4.5 billion, up 61% from P2.8 billion, while EBITDA (earnings before interest, taxes, depreciation and amortization) grew 77% to P3.3 billion.

As of end 2016, Starmalls recorded 17 commercial assets in its portfolio while continuing to expand its leasable space.

Mr. Navarrete said the company is set to ramp up its expansion program as it develops 46.9 hectares of commercial land bank.

The company will also take advantage of Vista Land’s more than 600 hectares of land for future expansion.

Starmalls Chairman Manuel B. Villar, Jr. said: “We remain optimistic about the retail industry’s outlook for 2017, as we continue to see continued growth in the disposable income of Filipinos, the rising middle class in the country, and sound Philippine macroeconomic fundamentals.”