A rebound in foot traffic in its commercial projects and gains from estates in the provinces buoyed the nine-month earnings of property giant Vista Land and Lifescapes Inc.
In a statement on Friday night, the company led by real estate mogul Manuel Villar said net income ended at P9.1 billion in the January to September period, up by 10 percent.
Consolidated revenues inched up by 7 percent to P29.1 billion as real estate revenue climbed by more than a tenth to P13.6 billion.
Pogo ban
“Our presence in 147 cities and municipalities across the country became apparent when we saw softening demand in Metro Manila due to the effect of the Pogo ban,” Villar, Vista Land chair, said in a statement, referring to President Marcos’ ban on Philippine offshore gaming operators.
Currently, 60 percent of Vista Land’s portfolio are located in provincial areas, while the remaining 40 percent are in Metro Manila.
Vista Land, whose major projects include Camella Homes and Vista Residences, also pointed out that it had no exposure to Pogos, ensuring that its business would not be affected by Mr. Marcos’ order.
“We are now reaping the benefits of our various Vista Estate projects across the country,” Villar said.
The company’s commercial business, which includes 42 malls, 59 commercial centers and seven office buildings, benefited from stronger foot traffic, which Vista Land president Manuel Paolo Villar said had returned to prepandemic levels.
Vista Land has 1.6 million square meters of gross floor area in its commercial portfolio and total land bank of 2,969 hectares. INQ