Posted on 09:29 PM, May 18, 2010 [ BusinessWorld Online ]
PROFITS OF Villar-led Vista Land and Lifescapes, Inc. rose by a tenth to P694 million in the first quarter amid growth in sales.
The growth was due to 50% and 9.38% hikes in sales and other revenues to P5.05 billion and P2.68 billion, respectively.
“The steep rise in our real-time sales reflects the return of consumer confidence,” Ricardo B. Tan, Jr., senior vice-president for finance of Vista Land, said in a statement yesterday.
“We responded swiftly to the improving market sentiment by launching nine more projects over the last few months,” Mr. Tan added.
Real estate revenue rose by almost a tenth to P2.684 billion from P2.452 billion last year. Gross profit increased by 10.48% to P1.307 billion.
Vista Land operates under five brands -- Brittany that sells house and lot units for as much as P9 million each, Crown Asia for P3.5 million to P9 million, Camella Homes for P3.5 million and below, Communities Philippines that sells Camella Homes in the provinces, and condominium arm Vista Residences.
Given the latest figures, the company is on track to recording P10.5 billion to P11 billion in revenue and a little under P3 billion in profit, Mr. Tan told reporters.
Shares in Vista Land, whose net income dropped by more than a tenth to P2.6 billion last year amid the economic downturn, dropped to P1.72 each yesterday from P1.76 on Friday.