Vista Land nets P7.1-B in 9 months

By Leslie Gatpolintan

November 8, 2017, 6:13 pm

MANILA -- Villar-led Vista Land &Lifescapes, Inc. booked a 12-percent growth in profit in the first nine months of 2017 on the back of robust revenues from real estate sales.

Net income reached PHP7.1 billion in January to September from PHP6.4 billion during the same period last year.

Revenues from real estate and leasing income boosted consolidated revenues by 12 percent to PHP26.9 billion from the previous year’s PHP24 billion.

“We feel very good about the state of the Philippine economy and the prospects for the residential business. We are really expanding rapidly throughout the Philippines,” Manuel Paolo Villar, Vista Land President and Chief Executive Officer, said in a press briefing Wednesday.

Villar said the company targeted to launch PHP30 billion worth of projects this year, but ended the third quarter introducing to the market 44 projects valued at PHP46.1 billion. This was its highest so far in the last three years in terms of project value launch.

He is confident ending the year with over PHP60-billion project launches for residential.

“We continued with our strategy of opening in new areas aggressively. We are now present in 132 cities and municipalities and we are moving closer to our target of having a presence in 200 cities and municipalities in the near future,” he added.

In January to September, revenues from real estate rose 9 percent to PHP20.8 billion while leasing income posted a 30-percent increase to PHP4.3 billion.

Vista Land expects its gross floor area to reach 1 million square meters this year, and 1.3 million square meters by the end of 2018.

“We are pleased with our nine-month performance and we are well poised to achieve another record year,” said Vista Land Chairman Manuel B. Villar Jr. (PNA)