By James A. Loyola
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, reported a 12 percent rise in net income to P2.9 billion during the first quarter of 2019 from P2.6 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said this was driven by the sustained growth momentum of its core residential business and the contribution from its leasing business.
Consolidated revenues for the quarter ended at P11.4 billion, 14 percent higher than the P10.1 billion in the comparable period a year ago. Leasing revenue for the quarter increased by 18 percent to P1.9 billion from P1.6 billion in the prior year period.
Vista Land Chairman Manuel B. Villar said “2019 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 it should be the same this year as we take advantage of the synergies between our residential and leasing businesses.”
He added that, “our outlook for the year is based on the steady growth of our housing business in addition to the increasing contribution of our commercial assets on the back of sound Philippine macroeconomic fundamentals specifically the current rate cut and the continued decline in inflation. We are seeing stable demand in our housing business as we registered 10 percent growth in reservation sales for the quarter.”
“We are optimistic about the prospects for our Company for 2019. We have registered growth in our core residential business as well as sustained increase in our leasing business,” said Vista Land President & CEO Manuel Paolo Villar.
He noted that, “demand for our housing products has been stable as our sales from Overseas Filipinos remained solid at over 50 percent of our total sales and we are also seeing and increase in domestic demand.”
Vista Land also launched new projects totaling to about P10.8 billion in the first quarter of 2019.
Capital expenditures for 2019 are expected to reach P40 billion.