Vista Land post P3.8-B net income in H1, up 9%

Villar-led property developer Vista Land & Lifescapes Inc. saw its earnings rise in the first half of 2021 on the back of continued demand from the overseas Filipino (OF) market.

In a disclosure to the Philippine Stock Exchange on Friday, Vista Land reported a net income of P3.8 billion, up 9% year-on-year.

“We remain optimistic with the industry especially with the performance of OF remittances, which registered two consecutive months of double-digit growth and are currently at 6.6% growth for the first five months of the year,” said Vista Land Chairman Manuel Villar Jr.

“Demand from OFs remained strong, which contributed to the 14% growth in our reservation sales of P29.4 billion for the period. The pandemic also provided a venue for the company to review its strategies and implement various operational efficiency measures which resulted in improvement in our margins.”

The company saw a 13% reduction in real estate revenues to P11.1 billion due to the slower construction activities in the provincial areas where various levels of lockdown were implemented during the period.

Leasing income, however, increased 6% to P3.6 billion.

“The various digital initiatives we have implemented since last year are already yielding positive results, but we have just started, and we are working on more initiatives all aimed at better serving our clients as well as expand our reach,” said Manuel Paolo Villar, president and CEO of Vista Land.

Vista Land’s total assets stood at P301.1 billion as of end-June 2021.

Capital expenditure for the first semester of the year reached P11.3 billion mainly for construction and land development.

Land acquisitions remained muted as the company disclosed that they are looking at maximizing its existing land bank.

The Villar-led property firm had 2,953 hectares of land as of end-June 2021.

A total of P5.2 billion worth of projects were launched during the January to June period, comprising one high-end project, three affordable projects, and two mid-rise buildings, Vista Land said. — DVM, GMA News