Vista Land earnings rise to P3.1B in H1

MANILA, Philippines - Villar-owned Vista Land & Lifescapes Inc., the country’s largest homebuilder, reported a 10-percent growth in first half income to P3.1 billion.

Revenues also rose 10 percent to P12.2 billion as sales remained strong, increasing to P28.3 billion from P25.9 billion a year earlier.

 Vista Land chairman Manuel Villar Jr. said the company would continue its profitable growth path, driven by the sustained demand for housing and its ongoing expansion nationwide.

“We now have residential housing developments in 35 provinces and 90 cities and municipalities around the country. Our continued expansion in the provincial areas is aimed at taking advantage of the rising middle class in the country,” Villar said.

Given the steady growth in its profit and revenues, Vista Land is considering raising its lease income target to P1 billion by 2017 from P500 million to P600 million, company president and CEO Manuel Paolo Villar said.

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

 As end of June, total consolidated assets stood at P119 billion.

Capital expenditures for the first semester, meanwhile, amounted to P13.4 billion.

 For its borrowing requirements, the younger Villar said Vista Land has successfully issued $300 million worth of seven-year notes last June which is part of its liability management exercise primarily to extend its existing US dollar notes due 2018 and 2019.

He said the company remains on the lookout for opportunities to refinance its $46 million in maturing loans this September.