Manny Villar makes shoppers happy
Starmalls Inc., the commercial arm of Vista Land & Lifescapes Inc., saw its 2016 profit surge 71 percent to P1.55 billion on strong rental business.
Rental revenue jumped 61 percent to P4.5 billion while EBITDA expanded 77 percent to P3.3 billion.
“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,” said Vista Land chairman Manuel B. Villar Jr.
“In addition, we are taking advantage of the synergies that we found as a result of our integration with Vista Land,” he added.
As of the end of December 2016, Starmalls had total consolidated assets of P35.8 billion and 17 commercial assets in its portfolio.
Jerry Navarrete, president of Starmalls, said the company was ramping up its expansion program and build its leasable space in the coming years as it tries develop its existing 46.9 hectares of commercial land bank.