Vista Land’s 2020 profit takes a nosedive

Bilyonaryo Manny Villar’s listed property holding firm Vista Land & Lifescapes Inc. saw its net income fall by 45 percent to P6.4 billion last year.

Consolidated revenues declined by 26 percent to P32.7 billion.

Revenues from the leasing business decreased by only seven percent as majority of its tenants were categorized as essential.

Villar, chairman of Vista Land, is looking at 2021 with optimism following the sustained growth in reservation sales since the second quarter of 2020 on steady remittances from overseas Filipinp workers.

The company launched a total of P10 billion worth of residential projects and added over 90,000 square meters of gross floor area, mostly commercial centers.

Among Vista Land’s subsidiaries are Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences which are focused on residential property development.

Vistamalls, on the other hand, is involved in commercial property development.

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