STARMALLS, Inc. grew its attributable profit by 36% in the second quarter of 2017, as it experienced higher occupancy at its existing shopping centers alongside an aggressive expansion program.

In a regulatory filing, the company owned by Vista Land & Lifescapes posted a net income attributable to the parent of P502 million during the second quarter, higher than the P369 million it realized in the same period in 2016.

Revenues likewise jumped 26% to P1.36 billion, as the Villar-led firm continued expanding their leasable portfolio. This was driven by a 19% rise in rental income to P1.31 billion for the April to June period.

“The Company’s growth rate was robust as our expansion programs are already contributing to our financial performance in addition to the increased rental revenues from our existing malls brought about by favorable rental reversions and increased occupancy,” Starmalls President Jerry M. Navarete was quoted as saying in a statement.

For the first six months of the year, Starmall’s attributable profit stood at P985 million, 36% higher than the P719 million delivered in 2016’s January to June period. This follows a 36% climb in revenues to P2.72 billion for the first semester, driven by a 30% increase in rental income.

Starmalls ended the first semester with a total of 17 commercial assets under its network, with plans to ramp up expansion of malls within the company’s existing landbank. The company is also eyeing to tap Vista Land’s more than 600-hectare landbank in the country which has potential for commercial development.

“We remain optimistic about the retail industry’s outlook for the rest of the year, as we continue to see sustained growth in the disposable income of Filipinos due to sound Philippine macroeconomic fundamentals,” Starmalls Chairman Manuel B. Villar, Jr. said in a statement.

Originally incorporated in 1969 as Polar Mines and Development Corp., Starmalls has since changed its name and primary business to that of investment, real estate, and leasing. — Arra B. Francia

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