MANILA, Philippines -- The country’s fourth-largest homebuilder by market value, Vista Land & Lifescapes Inc., reported on Thursday an 89 percent jump in core net profit for the first quarter on higher revenue.

Core net profit, or earnings from real estate sales, rose to P781 million ($18.3 million) from P413 million in the year-earlier period.

Real estate sales grew 30 percent to P2.62 billion, with the property sector booming on increased demand for new homes.

Property developers are cashing in on the steady remittances of overseas-based Filipinos, who send home at least $1 billion in earnings every month. These inflows helped drive economic growth last year to a three-decade high of 7.3 percent.

For the first two months of 2008, remittances had reached $2.5 billion, up 15.5 percent from the same period last year.

The central bank expects total remittances coursed through banks this year to reach a record $15.7 billion in 2008, up 9.0 percent from last year's $14.4 billion.

The country's biggest developer, Ayala Land Inc., reported on Wednesday a 42 percent increase in first-quarter net profit to P1.83 billion, thanks to higher sales from both residential and construction businesses.

Ayala Land's residential projects accounted for the biggest share of total revenue at 42 percent or P3.5 billion.

Vista Land shares closed 3.3 percent higher at P3.15 on Thursday ahead of the results.

($1 = P42.60)