By James A. Loyola
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, is on track to hit its targets for 2018 and sees this trend to continue next year.
In a press briefing, Vista Land President & CEO Manuel Paolo Villar said net income rose 16 percent to P8.3 billion in the first nine months of 2018 from P7.1 billion in the same period last year.
Consolidated revenues for the period were P31.0 billion, up 16 percent from the previous year’s P26.9 billion. The result for the first nine months of the year sustained the strong growth registered during the first semester of 2018.
Real estate registered an increase of 16 percent from P20.8 billion to P24.2 billion this year. Leasing income likewise posted a 19 percent increase to P5.2 billion from P4.3 billion in the comparable period last year.
“We are very pleased with our 9-month performance and we are well poised to achieve our revised growth targets for the year,” said Vista Land Chairman Manuel Villar.
He noted that, “Vista Land continues to deliver solid results, fueled by the strong performance of our core housing business in addition to our continued expansion in our commercial assets.”
“Our reservations sales grew 17 percent during the period to P57.0 billion which outpaced our 12 percent sales growth guidance for 2018,” said Villar.
He added that, “we remain optimistic for the industry given the strong and improving demand in our residential business as well as the continued growth of our leasing business propelled by the steady growth in Filipinos’ disposable income, Overseas Filipino remittances, and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach.”
The younger Villar said “we are very confident about the Company’s prospects for the rest of the year as we continue to expand our rental spaces which complement our existing core and stable end-user housing business.”