Starmalls says 9-month net income up 53 pct

ABS-CBN News

Posted at Nov 18 2016 01:23 PM

MANILA - Starmalls Inc., the commercial arm of Vista Land and Lifescapes Inc., said on Friday its net income in the first nine months of the year grew 53 percent on the back of strong growth in rental revenues.

The company told the stock exchange net income surged to P1.1 billion in the January to September period from the P700 million posted in the same period last year.

Rental revenues grew 71 percent to P3 billion in the first nine months as the company continues to expand its leasable space, it added.

"We remain optimistic with 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," said Starmalls chairman Manuel Villar Jr.