MANILA, Philippines - Publicly-listed Vista Land and Lifescapes, Inc., the country’s largest homebuilder, has declared a special cash dividend in the amount of four centavos per share.
Shortly after Vista Land’s annual stockholder’s meeting on June 15, 2012, the company’s Board of Directors held an organizational meeting during which it approved the declaration of a special cash dividend in an amount equal to approximately 10% of the company’s consolidated net income for the year ended Dec. 31, 2011.
The record date for the special dividend is on July 2, 2012, while the payment date will be on July 26, 2012.
Vista Land recently reported its first quarter results, announcing that the company’s net income for the first quarter of the year compared to the first quarter of 2011 rose by 22 percent to P1.060 billion from P873 million, while revenues exceeded P4 billion.
“In view of Vista Land’s excellent performance and strongly positive outlook, we are pleased to once again reward our loyal shareholders with a special cash dividend as we had done last year,” stated Manuel Paolo Villar, Vista Land’s president and chief executive officer. “This of course will be over and above the company’s regular cash dividend, which is usually formally approved during the second half of the year,” he added.
The country’s largest homebuilder, Vista Land is recognized for its themed and masterplanned communities that offer quality housing across all market segments. Colliers recently reported that Vista Land remains the country’s leading homebuilder with a 22% market share. The company’s stock price (ticker VLL) has risen 39% year-to-date, compared to a 12% rise in the Philippine Stock Exchange Index (PSEi).