PROPERTY developer Vista Land & Lifescapes Inc. (Vista Land) said Thursday that its nine-month net income surged by 70 percent to P8.2 billion from P4.8 billion a year ago, driven by higher revenues.
Based on a quarterly report to the stock exchange, consolidated revenues in the first nine months improved by 18 percent to P26.1 billion from P22.2 billion in the same period last year.
As of the end of the third quarter, the company said it had launched 28 projects with an estimated project value of about P40 billion, concentrating on maximizing prime land with the continuous launch of Vista Estates across the country.
“We have been launching more projects this year, which was a factor in the 10 percent growth in our reservation sales to P53.1 billion for the period,” Vista Land Chairman Manuel Villar Jr. said in a statement, adding that they “remain optimistic with the industry for the rest of the year.”
“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our overseas Filipinos coming home during the holidays, which bodes well for our residential sales,” he added.
“As we move forward, our aim is to maximize our existing resources, specifically our land, as we remain committed to our mission of building communities across the Philippines that stand the test of time.”
Vista Land’s real estate revenue grew by 17 percent to P12.2 billion from P10.4 billion, while rental income climbed to P11.8 billion from P10.2 billion a year earlier.
Gross profit during the period amounted to P7.2 billion while earnings before interest, taxes, depreciation and amortization grew to P15.2 billion, Vista Land said.
“We are consistently enhancing our residential business by offering more vertical and upscale projects, while our leasing sector is maintaining its growth trajectory for the period,” said Manuel Paolo Villar, the company’s president and chief executive officer.
“The demand for our residential developments, spanning both horizontal and vertical segments, remains robust and sustained, with the strong interest from overseas Filipino buyers constituting approximately 60 percent of our total sales,” he continued.
To date, the property developer has a land bank of more than 3,087 hectares, said to be strategically located nationwide.
Vista Land’s total assets as of end-September amounted to P337.8 billion while its net debt-to-equity ratio stood at 82 percent. During the first nine months, the company said it had spent P21.3 billion for capital expenditures, mainly for construction and development.
Vista Land shares were unchanged at P1.62 apiece on Thursday amid a 0.33-percent rise in the benchmark Philippine Stock Exchange index.