Thursday, April 3, 2008 [ philstar.com ]
Vista Land & Lifescapes Inc., the listed holding firm for most of the real estate assets of the family of Sen. Manuel Villar, said its net earnings more than doubled last year to P3.47 billion for P1.46 billion in 2006 on the back of higher sales from all its business units.
In a press briefing yesterday, Ricardo Tan Jr., Vista Land senior vice president for finance, said revenues from real estate sales grew 37 percent to P8.2 billion from P6 billion a year earlier. He said 60 percent of total sales came from overseas workers.
Gross profit reached P4.2 billion, up 35 percent from P3.1 billion.
As of end-2007, the company had total assets of P44.4 billion or an increase of 49 percent from the year earlier level of P29.7 billion. Stockholders equity likewise increased to P31.3 billion or more than three times the P8.3 billion recorded in 2006.
Tan said the company has also been able to reduce its bank loans to just P300 million from P400 million and its liabilities to P13.1 billion from P21.4 billion.
He said Vista Land remains bullish on the property despite a slowing US economy, given the country’s stable economy and inflation and low interest rates. In fact, the company is eyeing total sales take-up of P19 billion this year compared with only P16.6 billion in 2006.
For the first two months of the year, sales reached P3 billion or an increase of 14 percent from the previous level.
Vista Land has lined up 43 new projects this year with a combined estimated sales value of P53 billion, Tan said.
The company is allotting P12.6 billion for its capital expenditures this year to further strengthen its dominance in the housing sector. Funding will come from internally-generated cash.
“While we are constantly exploring opportunities for alternative revenue streams, we remain focused on housing with emphasis on mid-to-affordable segments,” Tan said.
Vista Land is seeking to increase the area coverage of its regional expansion to at least 20 cities and municipalities by end 2008.
As of end November last year, subsidiary Communities Philippines had 28 projects covering 405 hectares under development in 15 cities and municipalities outside Mega Manila. The company already has presence in Pangasinan, Pampanga, Bulacan, Batangas, Iloilo, Cebu, Leyte, Cagayan de Oro and Davao.
With the regional expansion of Communities Philippines, Vista Land has further strengthened its position as the property developer with the widest geographical reach with 84 projects in its portfolio covering 1,167 hectares under development in 33 cities and municipalities across the nation.
Tan said the company has a total landbank of 1,749 hectares, enough for development over a period of 10 years.
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