VILLAR-LED Vista Land & Lifescapes, Inc.’s net profit in the first semester declined by 39% to P3.5 billion as the global coronavirus pandemic impeded its operations.
The listed property developer recorded P18.3 billion in total revenues between January and June, 22% lower than the figure in the same period a year ago.
“This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” Vista Land Chairman Manuel B. Villar, Jr. said.
Mr. Villar noted signs of recovery from the company’s residential business when quarantine policies eased further in June.
“In fact, our June sales are already at about 70% of pre-COVID level with sales in July tracking better than June,” he added.
So far, the company has spent P9.4 billion in capital expenditures since the start of 2020.
The integrated real estate developer took advantage of the demand for its houses outside Metro Manila by launching P1.8 billion worth of projects there in the first six months of the year.
“We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers,” Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said.
Vista Land said it is focusing on developing an integrated urban development called Communicities, which combines lifestyle retail, office space, a university town, healthcare, themed residential developments and leisure components. — Adam J. Ang
