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Vista Land, Filinvest post slightly higher net profits

[ ] May 19, 2010

Listed property companies Vista Land and Lifescapes Inc. and Filinvest Land Inc., booked slightly higher profits in the first quarter of the year from a year-ago levels.
Vista Land said in a statement that core net income rose 10 percent to P694 million from P630 million year-on-year while revenues grew slightly to P2.68 billion versus P2.45 billion a year ago.
Sales take up, also known as reservation sales, jumped 50 percent to P5.05 billion from P3.36 billion.
“The steep rise in our real time sales reflect the return of consumer confidence,” Vista Land senior vice president Ricardo Tan Jr. said.
Filinvest Land, one of the country’s leading residential property developers and BPO office providers, meanwhile, said net income in the first quarter reached P545 million, up 14 percent from P476 million on year.
Total revenues rose 11 percent to P1.581 billion from P1.429 billion on year, with real estate sales accounting for 68 percent of the total revenues. Recurring rental income generated by the company’s BPO offices and mall leasing operations contributed to 20 percent of total revenues.
“Inspite of the continuing global economic crisis, demand for FLI’s core business of residential housing for the socialized, affordable and middle-income markets, continued to remain steady,” Filinvest Land said. “Total residential sales reservations for the first three months of 2010 posted a hefty growth of 26 percent from P1.87 billion generated in first quarter of 2009 to P2.36 billion in first quarter of 2010.”
Vista Land’s Tan said his company was on track to meet its P20-billion sales take up target and the full-year core net income goal of below P3 billion. Jenniffer B. Austria

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