Vista Land income jumps 20% to P2.61B in 9 mos

MANILA, Philippines - Villar-led housing builder Vista Land & Lifescapes Inc. jacked up its net income by 20 percent in the nine months ending September this year to P2.61 billion due to strong revenue growth.

In a filing with securities regulators, Vista Land said total revenues reached P10.75 billion, up 19.8 percent from P8.97 billion.

Revenues from real estate operations climbed 20.7 percent to P9.9 billion from P8.2 billion, largely due to the increase in the overall completion rate of sold inventories of its business units, particularly Camella Homes, Crown Asia and Communities Philippines.

In the third quarter, Vista Land registered record sales of P6.2 billion, bringing the total for the first nine months of the year to P18.3 billion.

Given the company’s robust performance, Vista Land chief executive officer Manuel Paolo Villar said the firm would meet or even exceed its net income and sales targets for the year of P3.4 billion and P24 billion, respectively.

“In spite of the market uncertainties overseas, I am confident that the strategies we have adopted will allow us to meet our full year revenue and earnings goals,” Villar said.

Vista Land chief financial officer Ricardo B. Tan Jr. said the company registered three consecutive quarters of record sales, with the bulk accounted for by its flagship Camella brand.

“We expect to see continued strong sales performance for our company in the fourth quarter as demand for house and lots, particularly in the mid-to low-end segment of the market, continues to be robust. Furthermore, Vista Land has the broadest presence in the Philippines among all the major property developers and we will continue to launch projects in new areas,” Tan said.

Vista Land is the holding company of five business units – Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.

As of end-September, the company had total assets of P67 billion, up from P56 billion the previous year.

“We at Vista Land remain optimistic about the outlook for the property sector and I am confident that we will continue to be a dominant force in the affordable housing market where demand has been stable,” Villar pointed out.