VISTA Land and Lifescapes, Inc. posted a P2.05 billion net income attributable to the parent equity holder for the third quarter of 2021, higher by 6% from P1.93 billion in the same quarter last year.
This brought the company’s attributable net income for the January-September period to P5.7 billion, higher by 7% from P5.32 billion a year ago.
In a news release on Wednesday, Vista Land Chairman Manuel B. Villar, Jr. said the company is optimistic that the industry will grow further, especially with the continuous rise of cash remittances from overseas Filipino workers (OFWs).
The Bangko Sentral ng Pilipinas (BSP) on Monday released data showing that OFWs’ cash remittances rose for the eighth straight month in September by 5.2% year on year to $2.74 billion from $2.60 billion in the same month a year ago.
Remittances also grew by 4.9% month on month from the recorded $2.61 billion in August.
“The expansion in cash remittances was due to the increase in receipts from land-based and sea-based workers, which rose by 6.2% (to $2.16 billion from $2.03 billion) and by 1.9% (to $581 million from $570 million), respectively,” the BSP said.
Aside from this, Mr. Villar added that, “With the holiday season coming up and the relaxation of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers.”
In the third quarter, Vista Land’s revenues decreased by 9% to P6.27 billion from P6.92 billion in the same quarter last year.
This brought the nine-month revenues of the company to P23.69 billion from P25.67 billion in the same period in 2020.
Of its revenues, real estate was hit the hardest with a 20% revenue to P14.45 billion “due to the slower construction activities in the provincial areas where various level(s) of lockdown were implemented during the period.”
Vista Land’s rental income, on the other hand, increased by 25% to P6.18 billion from P4.94 billion in the same period last year.
“The company’s newly opened commercial centers, where the majority of the tenants are essential (i.e., home store and supermarket), contributed to the topline growth,” Vista Land said.
Mr. Villar said the company is “continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach.”
As of September 2021, Vista Land has 2,937 hectares of land and has launched eight new projects amounting to a total of P7.2 billion. Of the projects, one is a high-end project, five are affordable projects, and two are mid-rise buildings.
The company added that it had stopped acquiring land as it is looking to maximize its existing land bank.
Vista Land’s shares at the stock exchange were unchanged on Wednesday at P3.76 each. — Bianca Angelica D. Añago
