By Danessa Rivera
04/19/2010 [ tribune.net.ph ]
Camella Homes, a unit Vista Land and Lifescapes Inc., the largest homebuilder in the country, expects to retain its top position in selling low-cost housings to consumers.
The company, led by presidential candidate Manuel Villar Jr., reported earning its highest revenue from real estate sales of P9.6 billion in 2009.
Despite the economic slowdown last year, it was achieved its targets, including its core net income, which ended the year at P2.6 billion, the company said.
“2009, as expected, was a tough year, but in spite of a very challenging market environment, we were able to achieve our financial targets,” Vista Land senior vice president for finance Ricardo Tan Jr. said.
Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.
“The company’s strategy was to continue to focus on the affordable and low-end market segments, resulting in particularly strong growth from Camella Homes and Communities Philippines,” Tan said.
Of its total revenues, 70 percent came from the low-end housing projects, 40 percent from Communities Philippines and 31 percent from Camella Homes.
The company’s consolidated assets rose 4.55 percent to P55.1 billion last year from P52.7 billion a year ago.
With the property market on a recovery and “concerns of a global depression have all but disappeared,” Tan reported that the company expects a stronger performance this year.
Vista Land’s planned capital expenditure outlay for the year is projected at about P10.2 billion, a 25 percent increase from P8 billion in the previous year.
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