VISTA Land & Lifescapes, Inc. reported an unaudited first-quarter net income of P2.22 billion for its equity holders, up 11.6% from a year ago, despite a decline in revenues for the period.

Gross revenues declined by 7.7% to P8.06 billion, but the company was able to trim its costs and expenses by 20.7% to P4.26 billion, allowing it to record a 12.4% growth in net income after tax to P2.36 billion.

“For the three months of 2022, except for the impact of the COVID-19 (coronavirus disease 2019) pandemic, there were no other seasonal aspects that had a material effect on the financial condition or results of operations of the company,” Vista Land said in a disclosure.

Real estate sales were lower due to the decrease in the overall completion rate of sold inventories of all its business units as a result of the coronavirus surge that slowed down construction activities in certain areas especially in the provinces, according to Vista Land.

In a separate disclosure, the company said it approved the issuance of additional corporate notes worth P2 billion.

The notes are due in 2027 at a fixed interest of 7.2359% per annum. Proceeds of the additional notes will be used to refinance existing or maturing obligations of the group and for other general corporate purposes, Vista Land said.

The Vista Land group is divided into horizontal, vertical and commercial and others segments.

The horizontal and vertical segments cater to the development and sale of residential lots and units and residential high-rise condominium, respectively.

The commercial segment caters to the development, leasing and management of shopping malls and commercial centers all over the Philippines as well as buildings catering to the business process outsourcing industry.

It has six wholly owned subsidiaries, namely: Brittany Corp.; Crown Asia Properties, Inc.; Vista Residences, Inc.; Camella Homes, Inc.; Communities Philippines, Inc.; and VLL International Inc.

The company also has an 88.34%-owned subsidiary, Vistamalls, Inc.

At the stock exchange on Thursday, Vista Land shares dropped by 1.63% or four centavos to close at P2.42 apiece. — Luisa Maria Jacinta C. Jocson