Villar-led Vista Land & Lifescapes grew its first quarter net profit by 13 percent year-on-year to P2.6 billion, driven by the sustained growth of its residential development business alongside a growing leasing portfolio.
Three-month consolidated revenue rose by 12 percent year-on-year to P10.1 billion. Recurring revenue from leasing contributed P1.6 billion, up by 14 percent year-on-year.
As an indicator of future revenue growth, housing reservation sales in the first quarter hit P18 billion, up by 12 percent year-on-year. This was equivalent to about 9,000 units, VLL president Manuel Paolo Villar said in a briefing.
“Demand for our housing products has been stable as sales to overseas Filipinos remained solid at about 60 percent of total sales and we are also seeing domestic demand increase,” he said.
For the full year, VLL is targeting reservation sales to rise to P72 billion from P64 billion last year.
Vista Land chair Manuel Villar said: “2018 promises to be another record year for Vista Land…Our positive outlook for the year is due to the continued growth of our housing business in addition to the expansion of our commercial assets on the back of sound Philippine macroeconomic fundamentals.”
On the leasing business, Villar said the rollout of more commercial property would allow VLL to achieve its upgraded goal of hitting 1.4 million square meters in gross floor area by yearend.
Capital expenditures this year are seen hitting P50 billion.—DORIS DUMLAO-ABADILLA