Vista Land says higher sales boosted 2013 net profit to record P5.06-B 

Vista Land & Lifescapes Inc., the property developer of former Sen. Manuel Villar, on Monday said net income rose by 15 percent last year, largely boosted by higher sales across most of its business.

 

In a disclosure to the Philippine Stock Exchange, Vista Land said net income for 2013 totaled P5.06 billion from P4.38 billion a year earlier.

 

Revenues rose by 22.6 percent to P20.02 billion from P16.34 billion in the same comparable period, the annual report submitted to the exchange showed. 

 

"This was primarily attributable to the increase in the overall completion rate of sold inventories of its business units particularly of Communities Philippines, Vista Residences and Crown Asia," the company said.

 

Vista Land closed 2013 with total assets of P84.53 billion, up from P71.32 billion.

 

Real estate revenues from both Communities Philippines and Vista Residences rose by 59 percent.

 

Communities Philippines sells low-cost housing in provincial areas and Vista Residences develops and sells high-rise projects throughout the Philippines.

 

Crown Asia, which develops middle-income housing projects, reported sales revenues were up by 22 percent to P2.46 billion from P2,01 billion, while sales from Camella Homes was nearly flat at P5.57 billion.

        

Brittany, however, registered a 32 percent drop in sales revenues to P1.44 billion in tandem with lower high-end residential projects launching.

 

The company said it launched less of the expensive housing projects as Vista Land decided to focus more on offering more low-cost and affordable and middle-income housing. – Danessa Rivera/VS, GMA News