Vista Land racks up P9.1-B income

Villar-led property developer Vista Land & Lifescapes’ net profit at end-September rose 12 percent year-on-year to P9.1 billion on higher earnings from its housing development and commercial leasing portfolios.

Consolidated revenues for the January to September period increased by 9 percent to P34.4 billion.

“We are well poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” Vista Land chair Manuel Villar Jr. said in a press statement.

As an indicator of future revenue growth, Vista Land’s reservations sales grew by 8 percent year-on-year during the period to P61.6 billion, majority of which was taken up by overseas Filipinos. End users accounted for over 90 percent of the housing units.

Leasing revenues for the period increased by 13 percent to P5.8 billion from P5.1 billion the prior year.

Total consolidated assets as of end-September stood at P268 billion, compared to P238.3 billion previously. Capital expenditures for the first half of the year amounted to P28.8 billion.

Manuel Paolo Villar, president and chief executive of Vista Land, said: “We remain confident about the company’s prospects for the rest of the year as our leasing portfolio will be growing which complements our existing core and stable end-user housing business.” —DORIS DUMLAO-ABADILLA