Vista Land says 2016 net income up 13% at P8.1B

Property developer Vista Land & Lifescapes Inc. on Tuesday reported a double-digit growth in last year's bottom line, fueled its shopping malls business.

Net income reached P8.1 billion in 2016, up 13 percent from P7.2 billion a year earlier.

"Its leasing business came mostly from subsidiary Starmalls, which delivered strong double-digit growth to the bottom line and now accounts for a fifth of the consolidated net income," the company said in a filing.

Vista Land acquired 79.43 percent of affiliate shopping mall developer Starmalls Inc. for P30.17 billion in 2015.

Revenue hit P31 billion, while total consolidated assets amounted to P175 billion.

"We are confident about the company's prospect for 2017, especially on the leasing side which provides a significant source of recurring income in addition to our core and stable end-user business," said Vista Land Chair Manuel B. Villar Jr. — Jon Viktor Cabuenas/VDS, GMA News