Vista Land hikes profit to P5.8 B in 6 months

Vista Land & Lifescapes Inc. posted a net income of P5.8 billion in the first half, up 11 percent from the previous year.

Consolidated revenue increased to P23.4 billion from P21.1 billion a year ago, of which leasing revenue rose 17 percent to P3.9 billion.

Vista Land chairman Manuel Villar Jr. said the company is looking at achieving another record year this year.

“Vista Land continues to deliver solid performance, fueled by the performance of our core housing business in addition to our continued expansion in our commercial assets,” he said.

Reservations sales grew eight percent during the period to P41 billion, majority of which comprise overseas Filipinos and over 90 percent end-users.

Vista Land president and chief executive officer Manuel Paolo Villar said the company is confident about its prospects for the rest of the year amid the growing rental spaces.

Capital expenditures during the first half amounted to P19 billion.

The younger Villar said the company’s exposure to the offshore gaming industry is limited amid the Chinese government’s crackdown on the industry.

“Our leasable spaces are mostly retail malls which limit our POGO exposure to about two percent of the company’s overall leasing portfolio. In terms of our residential business, we launched projects with an estimated value of P16 billion during the first semester of the year, most of which were low and affordable and outside Metro Manila,” said Villar, the eldest son of the tycoon.