VILLAR-LED property developer Vista Land & Lifescapes, Inc. (VLL) posted a 70% increase in its nine-month net income on the back of higher revenues led by its real state segment.
In a stock exchange disclosure on Thursday, VLL said its net income for the January-September period climbed to P8.2 billion from P4.82 billion.
The company’s consolidated revenue improved 18% to P27.4 billion. Its real estate revenue rose 17% to P12.2 billion. It said rental income hit P11.8 billion, without giving a comparative figure.
Earnings before interest, taxes, depreciation, and amortization improved 21% to P15.2 billion while core net income, excluding the gain from insurance proceeds, increased 30% to P6.8 billion.
As of end-September, VLL launched 27 projects valued at about P40 billion.
VLL Chairman Manuel B. Villar, Jr. said the company is anticipating a boost in its commercial centers as well as residential sales amid the approaching holiday season.
“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our overseas Filipinos coming home during the holidays which bodes well for our residential sales,” Mr. Villar said.
Mr. Villar added that VLL has launched more projects this year, which increased reservation sales by 10% to P53.1 billion for the nine-month period.
“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong gross domestic product (GDP) growth of 5.9% coupled with sustained growth in overseas Filipino remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” Mr. Villar said.
Meanwhile, VLL President and Chief Executive Officer Manuel Paolo A. Villar said the company’s leasing portfolio has already exceeded the pre-pandemic level in terms of foot traffic.
VLL’s portfolio spans over 1.6 million square meters of gross floor area across 45 malls, 56 commercial centers, and seven office buildings.
Mr. Villar added that VLL’s land bank currently spans more than 3,085 hectares across the country.
“The demand for our residential developments, spanning both horizontal and vertical segments, remains robust and sustained, with the strong interest from overseas Filipino buyers, constituting approximately 60% of our total sales,” Mr. Villar said. “Our strategic approach to maximizing prime land is actively underway, with the continuous launch of Vista Estates nationwide.”
“We are consistently enhancing our residential business by offering more vertical and upscale projects, while our leasing sector is maintaining its growth trajectory for the period,” he added.
VLL is engaged in the residential and commercial property development businesses through six distinct business units consisting of Camella Homes, Communities Philippines, Crown Asia, Brittany, Vista Residences, and Vistamalls.
On Thursday, shares of VLL at the local bourse closed unchanged at P1.62 apiece. — Revin Mikhael D. Ochave