Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, reported a 9 percent improvement in net income to P6.0 billion in the first nine months of 2021 from the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its gross margin improved by 320 basis points and EBITDA margin also improved by 440 basis points due to the various operational efficiency measures undertaken during the period.
“We remain optimistic with the industry especially with the sustained increase in the OF (overseas Filipinos) remittances which are currently at about 6 percent at the end of August,” said Vista Land Chairman Manuel B. Villar Jr.
He noted that, “Demand from OFs remained strong, which contributed to the growth in our reservation sales to P43.9 billion for the period.”
“With the holiday season coming up and the relaxation of the of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers,” Villar added.
The company reported real estate revenues of P14.5 billion, down 20 percent due to the slower construction activities in the provincial areas where various level of lockdown were implemented during the period.
Vista Land’s leasing business has performed admirably amid the pandemic through its community-based malls with tenants that are majority essential services.
Leasing income increased 25 percent to P6.2 billion. The Company’s newly opened commercial centers, where the majority of the tenants are essential (such as home store and supermarket), contributed to the topline growth.
“We are continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach,” said Vista Land Manuel President and CEO Paolo A. Villar.
He added that, “The pandemic accelerated the digital transformation of the Company and created a landscape that encouraged innovation and creativity to remain competitive in the new economic environment, including the spearheading of the two biggest virtual expositions in the Country.” Capital expenditure for the first nine months of the year reached P18.4 billion mainly for construction and land development.
Land acquisitions remained muted as the company disclosed that they are looking at maximizing its existing land bank. The company had 2,937 hectares of land as of end September 2021.
A total of P7.2 billion worth of projects were launched during the period, comprising one high-end project, five affordable projects and two mid-rise buildings.