Vista Land Reports P2.6-B Income, Heads For Another Banner Year
November 14, 2011

By JAMES A. LOYOLA (www.mb.com.ph)

November 14, 2011, 11:51pm

 

MANILA, Philippines — Vista Land & Lifescapes, Inc., the country’s largest homebuilder, reported a 20 percent growth in net income for the first nine months of 2011 to P2.61 billion from P2.17 billion in the same period last year — on track to another banner year.

In a press briefing, Vista Land chief financial officer Ricardo B. Tan Jr. said real estate revenues were P9.9 billion, up 21 percent from P8.21 billion in the first nine months of 2010.

The company had stated earlier this year that it was targeting about P3.4 billion in earnings and approximately P24 billion pesos in sales for the full year.

Vista Land reported that it delivered record sales of P6.2 billion for the third quarter of 2011, bringing the total for the first nine months of the year to P18.3 billion.

The company said that it was confident it would meet or even exceed its net income and sales targets for fiscal year 2011.

“We are on track for another year of solid growth in sales, revenues, and net income” said Vista Land president Manuel Paolo Villar.

He noted that, “in spite of the market uncertainties overseas, I am confident that the strategies we have adopted will allow us to meet our full year revenue and earnings goals.”

Tan said “we have had three consecutive quarters of record sales, with the bulk accounted for by our flagship Camella brand.”

He added that “we expect to see continued strong sales performance for our company in the fourth quarter as demand for house and lots, particularly in the mid to low-end segment of the market, continues to be robust.”

Furthermore, Tan said “Vista Land has the broadest presence in the Philippines among all the major property developers and we will continue to launch projects in new areas.”

Vista Land has been somewhat more cautious about the immediate prospects for the market for condominiums, although only 10 percent of its sales are accounted for by this segment. Villar said there may be an oversupply of condominium units next year.

“We at Vista Land remain optimistic about the outlook for the property sector and I am confident that we will continue to be a dominant force in the affordable housing market where demand has been stable,” said Villar.

He stressed that, “we know that our Camella brand is the leader by far in the affordable house and lot segment and has a strong competitive advantage given its track record spanning more than thirty years.”

http://www.mb.com.ph/articles/341317/vista-land-reports-p26b-income


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