VILLAR-LED Vistamalls, Inc. reported a 15% decline in its first-quarter net income to P1.91 billion from P2.25 billion a year earlier, weighed down by lower rental revenue.
In a regulatory filing, the company said its total revenue fell by 12.1% to P3.25 billion from P3.69 billion in the same period last year.
Rental income dropped by 7% to P3.16 billion from P3.4 billion, primarily due to lower rental payments from tenants.
Other operating income declined by 71% to P85 million, attributed to lower administrative fees and mall maintenance and advertising charges to tenants.
Total costs and expenses rose by 7% to P740 million, driven by higher depreciation and operating expenses.
Vistamalls is a holding firm engaged in the leasing of retail malls and business process outsourcing commercial centers.
Shares of Vistamalls dropped by 1.65% or three centavos to P1.79 apiece on Wednesday. — Revin Mikhael D. Ochave
