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 the 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.”
“Our outlook for the year is based on the steady growth of our housing business in addition to the increasing contribution of our commercial assets on the back of sound Philippine macroeconomic fundamentals specifically the current rate cut and the continued decline in inflation. We are seeing stable demand in our housing business as we registered 10-percent growth in reservation sales for the quarter,” he added.
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, driven by the performance of Camella (+33 percent) and Communities Philippines (+28 percent), which both grew at a double-digit pace.
On the other hand, business contributed by Crown Asia was flat (-1 percent) while higher-end brands Brittany (-15 percent) and Vista Residences (-54 percent) posted slower revenues.
Nonetheless, the overall growth in revenues was primarily due to the increase in the completion rate of sold inventories of these business units.
Manuel Paolo Villar, president and chief executive officer of Vista Land, said: “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.” —DORIS DUMLAO-ABADILLA