Vista Land & Lifescapes Inc., an integrated property firm owned by tycoon Manuel Villar Jr., registered a net income of P5.66 billion in the first six months of 2019, up 11.2 percent from P5.09 billion year-on-year.
Vista Land said in a disclosure to the stock exchange Wednesday consolidated revenues increased 11 percent to P23.4 billion from P21.1 billion on year.
Real estate revenues climbed 8.4 percent to P18.02 billion from P16.6 billion a year ago, boosted by double-digit growth in sales of Camella and Communities, the company’s housing brands that cater to the low-cost and affordable housing segments of the residential market.
Vista land said it launched P16 billion worth of residential projects, mostly outside of Metro Manila.
Leasing revenues during the period increased 17 percent to P3.9 billion from P3.3 billion in the prior year period on additional gross floor area leased and an increase in rental rates of existing malls.
“We are very pleased with our 1st semester results which brings us closer to achieving another record year,” said Villar, chairman of Vista Land.
“Vista Land continues to deliver solid performance, fueled by the performance of our core housing business in addition to our continued expansion in our commercial assets,” he added.
Reservation sales rose eight percent in the first six months of the year to P41 billion on strong demand from overseas Filipino workers.
“We remain optimistic for the industry given the sustained demand in our residential business as well as the continued growth of our leasing business propelled by the steady growth in the disposable income, Overseas Filipino remittances, sound Philippine macroeconomic fundamentals and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach,” Villar said.
Capital expenditures in the first half of the year amounted to P19 billion.
