MANILA -- Vista Land & Lifescapes Inc. expects to sustain its growth momentum in the fourth quarter and achieve 15 to 17-percent earnings increase this year on the back of positive economic trend.
“I think there are some positive things to look at in terms of the macroeconomic situation Inflation looks like it has reached an inflection point where it stopped accelerating. A lot of things are turning in favor of the Philippines --peso has appreciated and oil (price) has come down,” Vista Land President and Chief Executive Officer Manuel Paolo Villar told reporters on Wednesday.
Villar said the company is set to launch this fourth quarter PHP10 billion worth of residential projects, and open malls with a combined gross floor area (GFA) of 240,000 square meters.
The company booked a 16-percent increase in net income in the first three quarters of the year to PHP8.3 billion from PHP7.1 billion in the same period last year, driven mainly by real estate sales and leasing income.
Consolidated revenues for the period reached PHP31 billion, up 16 percent from previous year’s PHP26.9 billion.
For the third quarter alone, profit also surged by 16 percent to PHP3.06 billion from PHP2.65 billion during the same period last year.
Vista Land Chairman Manuel Villar said he remains optimistic about the industry given the strong and improving demand in its residential business.
He also cited the continued growth of the leasing business propelled by the “steady growth in Filipinos disposable income, overseas Filipino remittances, and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach.” (PNA)
