Vista Land & Lifescapes Inc., one of the country’s leading homebuilders, said Thursday net income grew 9 percent in the first nine months to P6 billion from the same period last year despite lower revenues.
Vista Land said in a disclosure to the stock exchange nine-month revenues declined 7.8 percent to P23.6 billion from P25.6 billion recorded a year ago.
Leasing revenues income increased 25 percent to P6.2 billion as the company’s newly-opened commercial centers contributed to the topline growth. Real estate revenues reached P14.5 billion, down 20 percent from a year earlier on the slower construction activities in the provincial areas where various levels of lockdown were implemented during the period.
Vista Land chairman Manuel Villar remains optimistic about the property industry especially with the sustained increase in the overseas Filipino remittances.
