Vista Land & Lifescapes Inc., the integrated real estate arm of the Villar Group, said Monday net income in the first nine months declined 39 percent to P5.5 billion from a year ago, as the pandemic affected residential sales.
Vista Land said in a disclosure to the stock exchange revenues in the nine-month period also fell by 25 percent to P25.7 billion.
The property firm said, however, that it saw an improvement between second and third-quarter performance in terms of reservation sales brought about by the easing of quarantine restrictions.
“This pandemic continues to impact our performance, both on our leasing and residential businesses. However, as mentioned before, we are glad to have seen encouraging signs of recovery when the economy started to reopen last June,” Vista Land chairman Manuel Villar Jr. said.
“The upward trend of our reservation sales was sustained, registering a 35-percent jump from the previous quarter. We are also happy to have witnessed the resiliency of the real estate sector through the sustained demand for residential market especially for the house & lot products in the provincial areas,” Villar said.