Vista Land H1 profit up 10% to P3.1B
August 13, 2015

Vista Land & Lifescapes, Inc., the country’s largest homebuilder, reported a 10 percent hike in net income to P3.1 billion for the first semester of 2015 on strong demand for housing.

In a press briefing, Vista Land president Manuel Paolo Villar said revenues also grew 10 percent to P12.2 billion in the first six months of the year from the P11.0 billion in 2014.

Villar said reservation sales also remained strong at P28.3 billion in the first half of 2015, 9.5 percent higher than the P25.9 billion reported in the same period last year.

For the second half, Villar said they can probably sustain the firm’s pace of growth and maybe even do better than in the first semester.

In the first half, Vista Land launched 27 projects with an estimated total value of about P20.7 billion. Of these projects, 22 are in the low and affordable segment, 3 in the middle income segment, and two are condominiums.

The projects are located in areas outside Metro Manila namely, Baguio City, Batangas, Bulacan, Cavite, Laguna, Quezon, Rizal, Pampanga, Negros Oriental, Negros Occidental, Cebu, Iloilo, Cagayan de Oro, and Davao.

“Vista Land remains firmly on a solid growth path driven by the sustained momentum in our housing business. Demand for housing continued to be strong, particularly in the price segment dominated by our Camella brand,” said Vista Land chairman Manuel B. Villar, Jr.

He noted that “our plans to expand countrywide remain unchanged. 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 taking advantage of the rising middle class in the country and has solidified Vista Land’s dominant position in housing in the Philippines,” added Villar.

Meanwhile Paolo Villar said “it is noteworthy that we have been able to successfully issue our first 7-year US0 million note last June which is part of our liability management exercise primarily to extend our existing US dollar notes due 2018 and 2019.”

“I believe this exercise reflects Vista Land’s growing brand name within the Philippines credit space,” said Villar noting that the company’s growing liability management expertise will also likely be making investors more comfortable with its underlying creditworthiness.

He said they may do more liability management activities later this year since the firm has about million in debt maturing in the second semester.

http://www.mb.com.ph/vista-land-h1-profit-up-10-to-p3-1b/


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