Property developer Vista Land & Lifescapes Inc. said Monday net income increased 11 percent in the first nine months to P6.38 billion from P5.76 billion in the same period last year, boosted by higher rental revenues.
Vista Land said in a disclosure to the stock exchange rental income in January to September jumped 67 percent to P3.1 billion from P1.9 billion a year ago, driven by significant increase in leasable space following the acquisition of Starmalls Inc.
Real estate sales also rose 3 percent to P19 billion from P18.25 billion in the same period last year.
Consolidated revenues grew 8 percent in the nine-month period to P24 billion from previous year’s P22.3 billion.
“We remain bullish with the expansion plans of our newly acquired subsidiary Starmalls Inc. which currently now has 17 commercial assets in its portfolio and that is on top of what we had prior to the acquisition,” Vista Land chairman Manuel Villar Jr. said.
“Our strategies in both the commercial and residential side of our business are anchored on sound Philippine macroeconomic fundamentals, a resilient real estate industry, the favorable market environment and the sustained growth in disposable in come and OF remittances,” he said.
The company launched P17 billion worth of projects in the nine-month period, mostly in the low and affordable segments outside the Mega Manila area.
Vista Land is present in 97 cities and municipalities around the Philippines and is looking to open in at least three more new areas, growing its geographic presence to a hundred areas across the country.
“Our company is poised to have another banner year for 2016 as our additional leasable spaces are now contributing significantly to our current financial results and will continue for the rest of the year and moving forward,” Vista Land president and chief executive Manuel Paolo Villar said.
“We also remain prudent with our financial management as we undertook a liability management exercise during the period to replace some of our existing dollar liability with a 7-year peso denominated bilateral loan at a 5 percent interest rate,” he said.
