Vista Land posts ₱9.1 B profit, on track for banner year

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, posted a 12 percent growth in net income to ₱9.1 billion for the first nine months of 2019 from the ₱8.1 billion earned in the same period last year keeping it on track for a banner year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues increased by 9 percent to ₱34.4 billion from ₱31.4 billion in the comparable period a year ago.

Leasing revenues for the period increased by 13 percent to ₱5.8 billion from ₱5.1 billion in the prior year.

“We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” said Vista Land Chairman Manuel B. Villar, Jr.

He reported that its reservations sales grew 8 percent during the period to ₱61.6 billion largely by overseas Filipino and over 90 percent end-users.

“As what we have said in the past two quarters, we remain bullish for the industry, given the sustained demand for our housing products as well as our success in our leasing business,” Villar said.

He explained that these are propelled by the steady growth in the disposable income, overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, “where we have a competitive advantage given that we have the widest geographic reach around the country.”