Vista Land & Lifescapes Inc. plans to raise between P5 billion and P10 billion in fresh capital through a combination of bond issuance and loans to partially finance capital expenditures and refinance maturing debt.
Vista Land president Manuel Paolo Villar said in a press briefing the company planned to conduct the fundraising activity by the second half of the year, citing the group’s remaining P15 billion under a bond shelf registration program.
Villar said the company had raised the full-year net income growth target for 2018 to 15 percent to 17 percent from the initial goal of 12 percent after posting strong first-half results.
Vista Land’s net profit in the first six months of 2018 rose 17 percent to P5.2 billion from P4.5 billion year-on-year.
First-half consolidated revenues increased 16 percent to P21.1 billion from P18.2 billion a year ago, with real estate and recurring sales both registering a 16 percent growth to P16.7 billion and P3.3 billion, respectively.
“We remain confident about the company’s prospects for the rest of the year as we continue to expand our rental spaces which complements our existing core and stable end-user housing business,” Villar said.
Vista Land as end June this year has over 1.1 million square meters of leasable space following the recent opening of malls in the cities of Iloilo and Naga.
Six new malls are slated to open in the second half of the year to boost total gross leasable space to 1.4 million sqm.
The group also launched residential projects worth P23.7 billion during the first semester of the year, mostly low and affordable and outside of Metro Manila.
Another P27 billion worth of residential projects are scheduled for launching in the second half of the year.
“As a result we have increased our geographic presence to 143 cities and municipalities and 47 provinces, moving closer to our 200 cities and municipalities target in the near future,” Villar said.
Reservations sales grew 18 percent during the period to P38 billion, up 12 percent from a year ago.
Capital expenditures in the first half of the year amounted to P22.4 billion.
Vista Land as end-June had 2,700 hectares in the land bank, within provincial areas and 59 percent in Mega Manila.
