Vista Land’s posts 17% in net income growth for 1Q16,adds over 220,000 sqm GFA of rental space
May 12, 2016

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, reported a 17% growth in net income for the first quarter of 2016 to P2.1 billion from P1.8 billion in the same quarter last year. Consolidated revenues for the quarter ended at P7.9 billion, 6% higher than the P7.1 billion in the comparable period a year ago. Recurring revenue for the quarter significantly increased by 89% to P944 million from P498 million in the prior year period. The company also added 221,748 sqm of GFA in its investment properties by opening four malls and one BPO commercial center.

“2016 promises to be another record year for Vista Land. We are pleased to have been able to achieve solid growth over the past years and should have no problem continuing the trend this year,” said Vista Land Chairman Manuel B. Villar, Jr. “Our positive outlook for the year is due to the expansion of our commercial assets in addition to our core housing business on the back of a sound Philippine macroeconomic fundamentals and hopefully with the new government’s push to accelerate infrastructure development.”
 
The company’s total consolidated assets as of 31 March 2016 amounted to P162.5 billion compared to P152.9 billion in December of last year.

Mr. Manuel Paolo Villar, President & CEO of Vista Land stated, “We have completed four malls that are located in Taguig, San Jose del Monte, Bulacan, Sta Rosa, Laguna and Balanga, Bataan and one BPO commercial center in Las Piñas which added 221,748 sqm in GFA to our growing investment properties. Our recurring business now accounts for 23% of EBITDA and we expect this to increase towards end of the year.”

Capital expenditures for 2016 are expected to reach P30.9 billion. “I remain confident about the prospects for our company,” said Paolo Villar.” In addition to the expansion of our rental spaces, which provides stability to our existing core and stable end-user housing business, we will continue to open in new areas across the Philippines to bring us to at least 100 cities and municipalities by end of the year,” he explained.
   
Vista Land has an established presence in about 95 cities and municipalities across 36 provinces and intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.


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