Vista Land posts 11% rise in net income

Villar group-led Vista Land & Lifescapes posted an 11-percent year-on-year growth in first semester net profit to P5.8 billion, on the back of robust housing and leasing businesses.

Consolidated revenue rose by 11 percent year-on-year to P23.4 billion, the company disclosed to the Philippine Stock Exchange on Wednesday.

Real estate revenue rose by 8.2 percent year-on-year to P18.026 billion due to the increase in the overall completion rate of sold inventories of all its business units. The brands Camella, Communities Philippines, Crown Asia and Brittany all reported higher revenues.

Leasing revenue for the period went up by 17 percent to P3.9 billion.

As an indicator of future revenue growth, Vista Land’s reservation sales grew by 8 percent year-on-year during the six-month period to P41 billion, most of which were taken up by overseas Filipinos and over 90 percent of which were bought by end-users.

Capital expenditures for the first half of the year amounted to P19 billion. Total consolidated assets stood at P252.4 billion at end-June, rising from P238.3 billion at end-2018.

In terms of its residential business, Vista Land launched projects with an estimated value of P16 billion during the first semester, most of which were low and affordable and outside Metro Manila. —DORIS DUMLAO-ABADILLA