Homebuilder Vista Land & Lifescapes Inc. booked a net income of P9.1 billion in the first nine months of 2024, up 10 percent year-on-year on sustained strong sales of residential projects outside Metro Manila.
Vista Land said its nine-month consolidated revenues reached P29.1 billion, a 7-percent increase from the previous period.
Real estate revenue accounted for P13.6 billion on 12-percent growth, while rental income reached P12.4 billion.
Vista Land launched projects nationwide with a total sales value of P32.6 billion from January to September this year.
“Our performance so far reflects our commitment to our set strategy of asset maximization and optimization as we capitalized on the strong demand from residential projects specifically outside Metro Manila where we have the widest coverage,” Vista Land chairman Manuel Villar Jr. said.
Villar said the company’s presence in 147 cities and municipalities across the country helped ease the impact of slowdown in the demand for residential in Metro Manila due to the effect of the POGO (Philippine Offshore Gaming Operators) ban.
“We are now reaping the fruits of our various Vista Estate projects across the country, which is one of the factors in the sustained growth in our reservation sales which amounted to P58.4 billion as the end of period. We remain optimistic with the industry especially in the provincial areas where demand continue to rise,” Villar said.
Vista Land president Manuel Paolo Villar said the company also managed its liabilities by refinancing its $350-million maturity with the issuance of new dollar notes due 2029.
“We are done with the 2029 dollar notes issuance what we will be looking at next year is a liability management exercise for our dollar notes maturing in 2027,” he said.
Vista Land allotted P21.2 billion in capital expenditures in the nine-month period. Of this amount, 70 percent was allocated to project construction, 28 percent to land development and 2 percent to land acquisition.
