May 17, 2011
In a statement to the Philippine Stock Exchange, Vista Land said its earnings jumped 26 percent to P873 million from P694 million as revenues improved to P3.28 billion from P2.68 billion.
"We are off to a strong start this year and we are on track to achieve our full year targets for 2011," said Ricardo Tan Jr., Vista Land senior vice president for finance.
Tan said the company has recently launched five subdivision projects - two in Mindanao and three in Luzon.
Capital expenditures, meanwhile, are expected to reach P11.1 billion.
"We are confident about the prospects for our company. Fortunately, we have not seen any negative effects from recent events in the Middle East and Japan. Sales to overseas Filipino workers, which account for about 60 percent of the total, have remained robust," Tan added.
Vista Land also declared a special dividend for stockholders on record as of June 1, 2011 and payment date is on June 28, 2011. -- CMA/OMG, GMA News
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