VISTA LAND & Lifescapes, Inc. expanded its earnings by 13% in the third quarter, as its real estate sales continued to grow.
The Villar-led property developer posted a P3.16-billion attributable net income in the July to September period, from P2.87 billion a year ago.
Consolidated revenues climbed 7% to P10.96 billion as expenses rose 12% to P6.98 billion during the same three months.
Broken down, real estate sales went up 3% to P8.19 billion, while rental income slipped 4% to P1.59 billion. Interest income surged 92% to P663 million. Miscellaneous income, which refers to “forfeited reservation fees and partial payments from customers whose sales contracts are cancelled before completion of required down payment,” soared 60% to P529 million
Year to date, the company’s attributable net income stood at P8.83 billion, up 12% from last year.
This was driven by a 9% growth in consolidated revenues to P34.36 billion. Leasing revenues increased 13% to P5.8 billion during the nine-month period. Reservation sales also grew 8% to P61.6 billion, coming mostly from overseas Filipino workers.
Expenses in the nine months jumped 12% to P21.13 billion.
“We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” Vista Land Chairman Manuel B. Villar, Jr. said in a statement over the weekend.
“As what we have said in the past two quarters, we remain bullish for the industry, given the sustained demand for our housing products as well as our success in our leasing business propelled by the steady growth in the disposable income, Overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, where we have a competitive advantage given that we have the widest geographic reach around the country,” he added.
Vista Land President and Chief Executive Officer Manuel Paolo A. Villar also noted the company is motivated by the strong growth of its existing investment properties of more than 1.4 million square meters.
“We remain confident about the company’s prospects for the rest of the year as our leasing portfolio will be growing which complements our existing core and stable end-user housing business,” he was quoted as saying. — Denise A. Valdez