Vista Land’s posts 17% in net income growth for 1st Semester of 2018; Residential sales grew faster than expected
August 13, 2018

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, registered a 17% growth in net income for the first semester of 2018 to P5.2 billion from P4.5 billion in the same period last year. Consolidated revenues increased by 16% to P21.1 billion from P18.2 billion in the comparable period a year ago. Real estate and recurring revenues both registered 16% growth to P16.7 billion and P3.3 billion, respectively.

 

“We are very pleased with our 1st semester results which brings us closer to achieving another record year,” said Vista Land Chairman Manuel B. Villar, Jr. “Vista Land continues to deliver solid performance, now fueled by the better than expected performance of our core housing business in addition to our continued expansion in our commercial assets,” he added. “Our reservations sales grew 18% during the period to P38.0 billion which outpaced our 12% growth in the previous period. We remain optimistic for the industry given the strong and improving demand in our residential business as well as the sustained growth of our leasing business propelled by the steady growth in the disposable income, Overseas Filipino remittances, sound Philippine macroeconomic fundamentals and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach.”

 

            The company’s total consolidated assets as of 30 June 2018 stood at P221.4 billion compared to P199.9 billion in December of last year. Capital expenditures for the first half of the year amounted to P22.4 billion.

 

            Manuel Paolo Villar, President & CEO of Vista Land stated, “We remain confident about the Company’s prospects for the rest of the year as we continue to expand our rental spaces which complements our existing core and stable end-user housing business. We ended June with a total gross floor area of 1,116,046 square meters with our malls openings in the provincial areas namely,  Iloilo and Naga which were well received and very successful as we took advantage of the existing Vista Land communities where those malls were opened. We launched residential projects worth P23.7 billion during the 1st semester of the year, most of which were low and affordable and outside Metro Manila. As a result we have increased our geographic presence to 143 cities and municipalities and 47 provinces, moving closer to our 200 cities and municipalities target in the near future.”

           

            Vista Land intends to focus on the development of Communicities, - integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.    

 

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