Vista Land posts 12% growth in net income in 9 mos

Villar-owned Vista Land & Lifescapes Inc., the listed integrated property developer, posted a 12 percent growth in net income during the nine month period to P9.1 billion from P8.1 billion in the same period last year.

The company raked in a consolidated revenue of P34.4 billion from P31.4 billion a year ago, up nine percent.

Of the total, leasing revenue for the period increased by 13 percent to P5.8 billion from P5.1 billion in the prior year period.

“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,” Vista Land chairman Manuel B. Villar Jr. said.

With the latest results, Manuel Paolo A. Villar, president and CEO of Vista Land said the company is optimistic for the rest of the year.

“We remain confident about the Company’s prospects for the rest of the year as our leasing portfolio will be growing which complements our existing core and stable end-user housing business. Revenue growth from our existing investment properties of over 1.4 million square meters continues to be strong. In terms of our residential business, we launched projects with an estimated value of P28.3 billion during the first nine months of the year, most of which were our CoHo projects and outside Metro Manila,” he said.

The company’s reservations sales grew eight percent during the period to P61.6 billion, which is still majority 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 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,” Paolo Villar said.

Vista Land intends to focus on the development of Communicities, integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.

The company alloted P28.8 billion in capital expenditures for the first half.

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