Vista Land profit up 11% in first quarter

Screengrab from www.vistaland.com.ph

MANILA, Philippines — Vista Land and Lifescapes Inc. grew both its net income and revenues by double-digits in the first quarter on the back of robust housing demand.

In a disclosure to the Philippine Stock Exchange on Wednesday, Vista Land said its net income climbed 11 percent to P1.5 billion during the first three months from P1.3 billion in the same period last year. First quarter revenues jumped 12 percent year-on-year to P5.4 billion from P4.9 billion last year.

At end-March, consolidated assets reached P86.8 billion, up from P84.5 billion at end-2013.

In a statement, Vista Land chairman Manuel B. Villar noted that reservation sales during the first quarter hit almost P13 billion, “which confirms our reading that demand for housing all around the country continues to be very strong.”

Vista Land president and chief executive officer Manuel Paolo A. Villar said 13 subdivision developments with a total value of P8 billion were launched during the first quarter, of which 12 were low-cost housing projects. These subdivisions would rise in Agusan del Norte, Bacolod City, Bataan, Batangas, Bulacan, Cebu, General Santos City, Palawan and Tarlac.

“2014 promises to be another record year for Vista Land. We are pleased to have been able to sustain the double-digit growth achieved over the past years and should have no problem achieving our full-year targets,” the elder Villar said.

Vista Land claims it is the country’s biggest homebuilder, with four brands—Camella, Brittany, Crown Asia and Vista Residences—offering housing units for all market segments.

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