MANILA, Philippines - Villar-led homebuilder Vista Land & Lifescapes Inc. said its first quarter net income grew 22 percent this year to P1.06 billion, fueled by pent-up demand in the residential market.
In a briefing yesterday, Vista Land chief financial officer Ricardo B. Tan Jr. said sales activity remained brisk with the continued low interest rates and steady remittance inflows from Filipinos working overseas.
Revenues rose 23 percent to P4.02 billion as reservation sales surged 52 percent to P10.14 billion. Subsidiaries Camella and Communities Philippines, which develop residential communities for the low and affordable segment, accounted for a combined 67 percent of Vista Land’s total revenues.
“The company’s performance for the first quarter was slightly better than expected. We are off to a good start and are on track to achieve our full year targets for 2012, “ Tan said.
Tan earlier said the company was looking to end the year with a 20 percent growth in earnings and revenues to around P4.2 billion and P16 billion, respectively.
“The market has been pretty resilient. While competition has been intensifying from other players, we feel that we have the advantage over them. We know the market better than anyone else,” Tan said.
Manuel Paolo Villar, president and chief executive officer of Vista Land, said the company has not seen any negative effects from the problems besetting Europe as it continued to attract OFWs.
“Camella continues to dominate the housing market nationwide, and as we execute our strategy of aggressively expanding in the provinces, our position as the dominant player in housing will be solidified even further,” Villar added.
The company introduced nine major subdivision projects during the period under review worth around P5 billion, Tan said.
In line with its strategy to further broaden its reach, the company seized new markets with the launch of new projects in Puerto Princesa and Candon City.
Colliers International Philippines Inc. recently reported that Vista Land remains the country’s leading homebuilder with a 22-percent market share.