Vista Land maintains growth momentum, posts P8.3B in 9 months
Villar-led Vista Land & Lifescapes Inc.maintained its upward trajectory in the nine months to September, posting a 16 percent jump in net income to P8.3 billion.
Consolidated revenues expanded by 16 percent to P31 billion as real esate sales went up 16 percent to P24.2 billion. Leasing income continued to be robust, growing 19 percent to P5.2 billion.
Reservation sales rose 17 percent to P57 billion, exceeding the firm’s 12 percent growth guidance for 2018..
Vista Land chairman Manuel Villar said the company was on track to meet its revised growth targets for the year given the strong and improving demand in its residential business as well as the continued growth of the leasing business propelled by the steady growth in Filipinos’ disposable income, overseas Filipino remittances, and continued infrastructure development.
Manuel Paolo Villar, president & CEO of Vista Land, said the property firm would continue to expand its rental spaces to sustain its growth momentum.
During the third quarter, Vista Land opened two malls outside Metro Manila- Vista Mall Cagayan de Oro and Vista Mall General Trias in Cavite, boosting its total gross floor area to 1.16 million square meters by the end of September.
Vista Land also launched residential projects valued at P38 billion during the first nine months, mostly in the low and affordable segment and outside Metro Manila.
The company aims to have a presence in 200 cities and municipalities in the near future.