Vista Land nets P6.7B end of Q3; up 12%

REAL estate developer Vista Land & Lifescapes Inc. (VVL) announced it posted a net income of P6.7 billion for the period ended Sept. 30, 2022, up 12 percent from P5.98 billion in the same period last year.

The company’s consolidated revenues for the nine months of 2022 declined by 5 percent to P21.23 billion from P22.39 billion in 2021 due

to a decrease in real estate topline for the same period.

Real estate revenues dropped by 26 percent to P10.7 billion in the first three quarters of 2022 from P14.54 billion in 2021 but rental income gained by 33 percent to P8.2 billion from P6.18 billion in 2021.

Reservation sales increased by 10 percent to P48 billion for the period, as overseas Filipinos accounted for 60 percent of Vista Land’s sales as they took advantage of the higher peso for their dollars.

“Our leasing businesses have sustained its growth momentum given the return to ‘normalcy’ and the socalled revenge spending. The footfall of our malls has been improving and even exceeded pre-pandemic levels during weekends and holidays,” said Manuel Paolo Villar, president and chief executive officer of Vista Land. “We have over 1.6 million square meters of gross floor area of commercial developments, and the funding for the expansion program of our investment properties is in place with our foray to the REIT (real estate investment trust) through VistaREIT last June 2022.”