VISTA LAND & Lifescapes, Inc. (VLL) grew its attributable profit by 16% in the third quarter of 2018, boosted by the double-digit increase in both its housing and rental businesses.
In a regulatory filing, the Villar-led property developer posted a net income attributable to the parent of P2.99 billion, better than the previous year’s P2.57 billion in the same period. Revenues stood at P9.91 billion, 15% higher year-on-year.
This pushed the listed firm’s nine-month attributable profit 16% higher to P8.09 billion, on the back of a 16% uptick in revenues to P31.05 billion.
“We are very pleased with our nine-month performance and we are well poised to achieve our revised growth targets for the year,” VLL Chairman Manuel B. Villar, Jr. said in a statement.
The company delivered a 16% increase in real estate revenues to P20.8 billion for the nine-month period, which accounted for 83% of revenues. Sales from the Camella brand contributed bulk of real estate revenues at 80%, followed by Vista Residences, Crown Asia, and Brittany.
Leasing income meanwhile provided the remaining 17% of revenues, rising 19% to P5.2 billion.
VLL’s commercial space hit 1.16 million square meters across 26 malls, 50 commercial centers, and seven offices by end-September.
Reservation sales went up by 17% to P57 billion, which the company noted is faster than its 12% sales growth guidance for the entire year.
“We’re cautiously optimistic about Q4. Based on Q3 we still see the trend continue. Our financial targets, we will track that because we are realizing revenues now that were sales before,” VLL President and Chief Executive Officer Manuel Paolo A. Villar said in a press briefing in Makati on Wednesday.
The company has already spent P34.9 billion in capital expenditures from January to September, from its P50-billion budget for the year.
VLL plans to launch more than P10 billion worth of residential projects in the fourth quarter, in addition to the P38 billion it unveiled in the first nine months.
For its leasing portfolio, the company looks to add another 240,000 sq.m. to its GFA in the final quarter, in order to hit its target of 1.4 million sq.m. this year.
VLL is expecting a 15-17% growth in earnings this year, as well as a 15-17% growth in reservation sales.
Shares in VLL dropped by 1.14% or six centavos to close at P5.20 each at the stock exchange on Wednesday. — Arra B. Francia