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Vista Land nets P2.17B

[ Malaya.com.ph ] November 11, 2010
Listed Vista Land and Lifescape Inc. reported a profit of P2.17 billion for the first nine months of the year, up 36 percent from the P1.59 billion in the same period last year, as the company benefited from the strong interests for new units in the market.
Revenues stood at P8.2 billion, up 14 percent from the previous year, while reservation sales for the first nine months reached P15.36 billion.
The company expects sales for the year to exceed the target of P20 billion.
Sales of real estate projects for the third quarter hit a record level of P5.17 billion, reinforcing the general consensus that consumer confidence remains strong.
"Sales for the first nine months hit P15.36 billion. We expect to see continued strong sales performance in the fourth quarter as we have launched more projects over the last few months. We should comfortably exceed our sales target for the year by just repeating our 3rd quarter performance," said Vista Land senior vice president for finance Ricardo B. Tan Jr.
"The property sector continues to gain momentum and we believe that industry growth will be sustained over the next 10 years," he added.
For the first three quarters, Vista Land launched 30 projects, mostly situated in Metro Manila, with a sales value of P19 billion, and spent P7 billion of its budgeted P10.2 billion capital expenditures for the year.
The company recently announced plans to develop its existing big properties into master-planned communities, particularly properties in Sucat, Paranaque, and Alabang, where the company has existing projects.
The company likewise is set to start in developing its office space projects.
The company said it remains committed to pushing development of affordable units which has been the trademark and identity of the company’s previously-listed affiliate-turned-subsidiary Camella and Palmera Homes.
Tan expressed optimism on the outlook of the property sector, and the company’s position in the affordable housing market.
"We remain optimistic about the outlook for the property sector in general and are confident that we will continue to be a dominant force in the affordable housing market where demand has been stable. We believe Vista Land is the leader in the affordable segment and has a strong competitive advantage given the track record and popularity of our Camella brand," said Tan.
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