Vista Land & Lifescapes Inc., the real estate arm of billionaire Manuel Villar, reported an 11 percent growth in net income in the first quarter of 2017 to P2.3 billion from P2.1 billion year-on-year.
Consolidated revenues in the quarter stood at P9 billion, up 14 percent from P7.9 billion on year..
Leasing revenue jumped 50 percent to P1.43 billion from P961 million in the prior year period after adding about 70,000 square meters of gross floor area in its investment properties from expansion of existing malls.
“2017 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 should have no problem continuing the trend this year,” Vista Land chairman Manuel Villar Jr. said.
“Our positive outlook for the year is due to the continued expansion of our commercial assets in addition to our core housing business on the back of sound Philippine macroeconomic fundamentals. We are also seeing improvement in our reservation sales growth as we registered a 12 percent growth from a year ago,” he added.
Vista launched new projects totaling to about P12 billion in the first quarter of 2017.
“We have seen a continued significant growth in our leasing business as we continue to roll out our expansion programs to achieve our stated target of 1.3 million sq. m. in GFA by the end of 2018,” Vista Land president and chief executive Manuel Paolo Villar said.
“As a result, our leasing business now accounts for 28 percent of Ebitda and 22 percent of net income.
Vista Land expects the share of leasing business to the total business to increase toward the end of the year.
The company has also earmarked P35.3 billion in capital expenditures this year.
Vista Land also plans to expand its geographical presence by continuing to develop projects in new areas across the Philippines.
Vista Land has an established presence in 107 cities and municipalities across 44 provinces as of end March 2017.