Vista Land nets P2.9B

MANILA, Philippines — Villar group-led Vista Land & Lifescapes (VLL) chalked up P2.9 billion in first quarter net profit, up by 12 percent year-on-year on higher contribution from residential development and leasing businesses.

Consolidated revenues for the quarter rose by 14 percent year-on-year to P11.4 billion, VLL disclosed to the Philippine Stock Exchange on Wednesday.

Vista Land chair Manuel Villar said: “2019 promises to be another record year for Vista Land. We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses.”

Leasing revenues for the quarter increased by 18 percent year-on-year to P1.9 billion.

Meanwhile, revenues from real estate sales rose by 12 percent year-on-year to P8.79 billion, primarily due to the increase in the completion rate of sold inventories.

Manuel Paolo Villar, president and chief executive officer of Vista Land, stated: “We are optimistic about the prospects for our company for 2019. We have registered growth in our core residential business as well as sustained increase in our leasing business.”

“Demand for our housing products has been stable as our sales from overseas Filipinos remained solid at over 50 percent of our total sales and we are also seeing and increase in domestic demand,” he added. (Editor: Julie Espinosa)