Leading housing developer Vista Land and Lifescapes Inc. grew its net profit last year by 15 percent to P5.06 billion on a double-digit expansion in revenues from the completion of residential units across various brands.
Revenues from real estate sales of the Villar-led property developer amounted to P20.02 billion for the year, rising by 23 percent from the level in 2012, which Vista Land attributed to the increase in the overall completion rate of sold inventories of its business units particularly of Communities Philippines, Vista Residences and Crown Asia.
The company uses the percentage of completion method of revenue recognition where revenue is recognized in reference to the stages of development of the properties.
Communities Philippines contributed the bulk of revenues amounting to P9.36 billion, 59-percent higher than the level a year ago. This was due to the increase in the number of homes outside of mega-Manila completed or under construction in the low-cost and affordable housing segment.
Condominium arm Vista Residences also boosted revenues by 59 percent to P1.18 billion with the increase in high-rise residential units completed or under construction in the middle-income housing segment.
Vista Residences is the business unit of Vista Land that develops and sells vertical projects across the Philippines.
Real estate revenues of Crown Asia increased by 22 percent to P2.46 billion while Camella Homes’ revenues slightly increased to P5.58 billion for the year from P5.57 billion in the previous year.
Vista Land ended 2013 with total assets of P84.53 billion. Its cash hoard rose by 97 percent to P14.86 billion as of December due to the proceeds from the issuance of US dollar notes. At present, Vista Land is planning to issue local bonds worth as much as P5 billion.
In 2013, real estate inventories increased by 5 percent to P15.47 billion due to the opening of new projects during the period.