Vista Land logs in 15% growth in H1 net profit to 14.5 B

Vista Land & Lifescapes, Inc., one of the country’s leading integrated developers, registered a 15 percent hike in net income for the first semester of 2017 to R4.5 billion from R3.9 billion in the same period last year.

In a press briefing, Vista Land President & CEO Manuel Paolo Villar said consolidated revenues for the period rose 16 percent to R18.2 billion from the previous year’s R15.7 billion.

“Revenues from real estate were R14.4 billion, up 14 percent, which was a marked improvement from the low single digit growth registered by the Company in the previous year,” he said adding that, “recurring revenues likewise posted a 37 percent increase to R2.9 billion from R2.1 billion in the comparable period last year.”

“We are pleased with our first half results and we are very optimistic that we will achieve another record year,” said Vista Land Chairman Manuel B. Villar Jr.

He added that, “Vista Land continues to deliver solid performance, fueled by the substantial contribution from our commercial assets coupled with the regained momentum of our core housing business.”

Reservations sales sustained the 12 percent growth registered during the first quarter of the year to end the semester at R32.3 billion.

“We remain bullish for the industry, given the strong demand for our housing products as well as our commercial space propelled by the stable growth in the disposable income, OF 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,” he said.

The younger Villar said “we remain confident about the Company’s prospects for the rest of the year as we see a resurgence in our residential business and the continued expansion of our rental spaces.”