Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, reported a decline of 39 percent in consolidated net income to P3.5 billion in the first half of 2020 due to the impact of COVID-19 on the its operations.
In a disclosure, the firm said it generated consolidated total revenues of P18.3 billion, 22 percent lower from the same period last year.
In terms of its capital expenditures, the company said it already spent P9.4 billion during the first six months of the year.
“This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” said Vista Land Chairman Manuel B. Villar, Jr.
He added though that, “The Company has adapted to the ‘new normal mindset’ and has aggressively shifted to digital platforms for its marketing initiatives.”
“We are seeing some positive signs of recovery especially in our residential business as the economy reopened last June. In fact, our June sales are already at about 70% of pre-COVID level with sales in July tracking better than June,” Villar noted.
Vista Land President & CEO Manuel Paolo A. Villlar said “We have launched a total of P1.8 billion in terms of project value for the first half of the year, all of which are located outside Mega Manila to capitalize on the traction we have gained for our housing products in the provincial areas amid this pandemic.”
“We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers,” he added.
Vista Land intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.