Villar-led property developer Vista Land & Lifescapes Inc. saw its bottom line grow in the first nine months of the year on the back of improving business environment amid the COVID-19 pandemic.
In a disclosure to the Philippine Stock Exchange on Thursday, Vista Land reported a net income of P6 billion for the January to September 2021 period, up 9% year-on-year.
“We remain optimistic with the industry especially with the sustained increase in the OF remittances which are currently at about 6% at the end of August. Demand from OFs remained strong, which contributed to the growth in our reservation sales to P43.9 billion for the period. With the holiday season coming up and the relaxation of the of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers,” said Vista Land Chairman Manuel Villar Jr.
The company saw its real estate revenues decline by 20% to P14.5 billion due to the slower construction activities in the provincial areas where various levels of lockdown were implemented during the period.
Nonetheless, its leasing income grew 25% to P6.2 billion.
The company’s newly opened commercial centers, where the majority of the tenants are considered essential like home stores and supermarkets, contributed to the topline growth, according to Vista Land.
“We are continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach,” said Manuel Paolo Villar, president and CEO of Vista Land.
The company’s total assets stood at P306.7 billion as of end-September 2021.
Capital expenditure for the first nine months of the year reached P18.4 billion mainly for construction and land development.
Land acquisitions remained muted as the company disclosed that they are looking at maximizing its existing land bank.
The company said it has 2,937 hectares of land as of end September 2021.
A total of P7.2 billion worth of projects were launched during the period, comprising one high end project, five affordable projects and two mid-rise buildings, Vista Land said. — LA, GMA News
Vista Land nets P6B in Jan.-Sept.
Source: News Panda Philippines
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