Shopping mall developer Starmalls Inc. saw a 71-percent year-on-year growth in its first semester profit to P725 million on higher rental revenue from its growing mall network.
For the second quarter, net profit rose by 28.5 percent year-on-year to P369 million, based on the regulatory filing of the commercial property arm of Villar-led Vista Land & Lifescapes.
Starmalls’ rental income jumped by 73 percent year-on-year to P1.95 billion. This was attributed to the increase in occupancy and rental rates of existing malls and additional gross floor area of investment properties.
Cash flow in the first semester grew by 58 percent year-on-year to P1.4 billion.
For the first half, Starmalls’ total consolidated assets amounted to P33.4 billion. Capital expenditure for the period hit P3.6 billion.
As of end-June, Starmalls operated 14 retail malls and three BPO commercial centers in its portfolio with more than 731,000 of gross floor area and 46.9 hectares of commercial land seen suitable for the development of mass market retail malls and BPO facilities.
“We remain very bullish about the prospects of our existing portfolio with significant room for further growth expected from them over the coming years and the company can also take advantage of Vista’s over 600 hectares of land across the country suitable for commercial development,” Starmalls president Jerry Navarette said. Doris Dumlao-Abadilla