Vista Land’s net profit rises 10% to 2.8B due to high demand for housing
MANILA, Philippines — The Villar-led property developer Vista Land & Lifescapes posted a 10-percent year-on-year growth in first semester net profit to P2.8 billion, citing continued robust demand for housing.
Revenues went up by 14 percent to P11 billion for the semester, top officials disclosed on Thursday.
As an indicator of future revenue growth, VLL also reported a 10-percent growth in sales to P25.9 billion. The company expects to hit its full year targets.
“Vista Land continues to remain firmly on a solid growth path,” said Vista Land chair Manuel Villar. “Demand for housing continued to be robust, particularly in the affordable price segment which is dominated by our Camella brand.”
“There is no oversupply in housing and our plans to expand countrywide remain unchanged,” he added.
VLL now has residential housing developments in 34 provinces and 74 cities and municipalities around the country.
“Our continued expansion in the provincial areas has solidified Vista Land’s dominant position in housing in the Philippines,” Villar added.
Vista Land is the holding company of five business units – Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.