MANILA, Philippines - Residential developer Vista Land & Lifescapes Inc. reported a 31-percent jump in net income last year to P3.013 billion, exceeding its internal estimate, on the back of record sales.
Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.
In a briefing yesterday, Vista Land senior vice-president for finance Ricardo B. Tan Jr. said real estate revenues hit an all-time high of P11.34 billion while gross profit grew 23 percent to P5.68 billion.
“2010 was a very good year for the company overall, and we are pleased to have exceeded our internal targets. Our strategy was to continue to focus on the affordable and low-end market segments, resulting in particularly strong growth from Camella Homes and Communities Philippines,” he said.
Tan said the company exceeded its 2010 income forecast of P2.7 billion to P2.8 billion as it benefited from a lower tax rate. The group applied for tax incentives for its low-cost housing projects under the Camella brand.
As of end-December last year, Vista Land’s cash, including cash investments, stood at P6.895 billion, up 119 percent from P3.15 billion. Total assets amounted to P60.48 billion as against liabilities of P22.3 billion.
Manuel Paolo Villar, chief finance officer of Vista Land and the eldest son of Sen. Manuel Villar, said the company maintains a bullish trajectory with plans to launch P20 billion worth of new projects in and outside Metro Manila this year.
Tan said the company is eyeing a 10-to 15-percent growth in revenues by the end of the year on the back of an improving economy and growing demand for housing.
For this year, Vista Land has set a capital expenditure program of P11 billion, slightly higher than the amount spent in 2010. Bulk of the budget will go to home construction or land development.
The company is developing several mid-rise buildings within the Metro Manila area using its existing landbank of 1,662 hectares, and will continue to accelerate development in three main flagship projects – Evia in Las Piñas, Lakefront in Sucat, Muntinlupa and Sta. Elena in Sta. Rosa, Laguna.
Benjamarie Therese Serrano, Vista Land president, said the company is looking at beefing up its landbank to pursue tourism-related projects.
Bidding for the Food Terminal Inc. complex in Taguig is an option but nothing has been finalized yet, Serrano said.