Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, posted a 12-percent growth in net income for the first nine months of 2019 to PHP9.1 billion from PHP8.1 billion in the same period last year.
Consolidated revenues also increased year-on-year by 9 percent to PHP34.4 billion, while leasing revenues for the period rose by 13 percent to PHP5.8 billion.
“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 Villar Jr. said in a statement.
Villar said the company’s reservations sales grew 8 percent during the period to PHP61.6 billion, which is still majority overseas Filipinos 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,” he added.
The company’s total consolidated assets as of September 30, 2019 stood at PHP268 billion compared to PHP238.3 billion in December of last year. Capital expenditures for the first half of the year amounted to PHP28.8 billion.
Vista Land President and Chief Executive Officer Manuel Paolo Villar said: “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.”
In terms of residential business, he said the firm launched projects with an estimated value of PHP28.3 billion during the first nine months of the year.
Vista Land intends to focus on the development of “communicities”, an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components. (PR)