Vista Land nets P3.5-B in H1, down 39 percent

Villar-led property developer Vista Land & Lifescapes Inc. saw a double-digit decline in its net earnings in the first half of 2020 due to the economic impact of the COVID-19 pandemic on its business.

In a statement, Vista Land said it posted a consolidated net income of P3.5 billion during the period, down 39 percent from a year earlier.

Its consolidated revenues stood at P18.3 billion, down 22 percent year-on-year.

“This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” Manuel Villar Jr., Vista Land chairman, said.

In terms of its capital expenditures, the company had spent P9.4 billion during the first six months of the year.

Vista Land said it had adapted to the “new normal mindset” and had aggressively shifted to digital platforms for its marketing initiatives.

“We are seeing some positive signs of recovery especially in our residential business as the economy reopened last June. In fact, our June sales are already at about 70 percent of pre-COVID level with sales in July tracking better than June,” Villar revealed.

The company’s total consolidated assets stood at P274.8 billion during the period.

“We have launched a total of P1.8 billion in terms of project value for the first half of the year, all of which are located outside Mega Manila to capitalize on the traction we have gained for our housing products in the provincial areas amid this pandemic,” Vista Land President and CEO Manuel Paolo Villar added.

“We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers.” — DVM, GMA News