Vista Land & Lifescapes, Inc. (VLL) is hiking its profit growth target to 15-17% for full year 2018, driven by stronger sales in its residential business.
The Villar-led property developer earlier said it targets to grow its net income by 12% this year, but decided to hike its guidance due to its performance in the first half of 2018.
“We’re doing better. The sales are better in residential…Our bottomline guidance has increased. Then it’s 12%, now we’re averaging 15-17%,” VLL President and Chief Executive Officer Manuel Paolo Villar said in a media briefing in Makati City yesterday.
The listed firm reported in a regulatory filing that its net income jumped by a fifth to P2.63 billion in the second quarter of 2018, on the back of a 20% rise in revenues to P11.06 billion for the period. — Arra B. Francia