Vista Land registers 11% growth in net income for 1H16;leasing business now 23% of EBITDA
August 11, 2016

Vista Land & Lifescapes, Inc., one of the country’s leading integrated developers, registered a 11% net income growth for the first half of 2016 to P3.9 billion from P3.5 billion in the same period last year. Consolidated revenues ended the period at P15.7 billion, up by 9% from previous year’s P14.5 billion. Recurring revenue for the first half of the year posted a 64% increase to P2.1 billion from P1.3 billion in the comparable period, resulting in the Company’s leasing business contributing 23% to the total EBITDA.
   
“We are pleased with our first half results, as we remain on track to achieve another record year,” Vista Land Chairman Manuel B. Villar, Jr. said. “Vista Land continues to deliver solid performance fueled by the substantial contribution from our commercial assets coupled with the sustained momentum of our core housing business,” he added. “We remain optimistic for the industry, given the strong demand for our commercial space and housing products, propelled by the stable growth in the disposable income, OF remittances and sound Philippine macroeconomic fundamentals.”

The Company’s total consolidated assets as of 30 June 2016 stood at P166.9 billion. Capital expenditures for the first half of the year amounted to P14.7 billion.

“I remain confident about the Company’s prospects for the rest of the year as we continue to expand our rental spaces which complement our existing core and stable end-user housing business,” said Manuel Paolo Villar, Vista Land President & CEO. “We ended the period with a gross floor area of over 860 thousand square meters of investment properties. A significant proportion of our EBITDA now comes from our recurring commercial leasing business and this proportion is growing as we continue the expansion of our investment properties,” he added. “We also remain bullish on our core housing business as we continue with our strategy of opening in new areas and end the year with a presence in at least 100 cities and municipalities around the Philippines,” he explained.
 
Vista Land intends to focus on the development of Communicities, integrated urban developments combining lifestyle retail, prime office space, schools, healthcare, themed residential developments and leisure components.  Recently, Vista Land together with the Univesity of the Philippines, announced the opening of the first Technopreneurship Campus in Vista City’s University Town.


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