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Vista Land profits up 21% in H1

[ BusinessWorld Online ]
By ALBERT CASTRO August 16, 2011

Villar-led Vista Land Holdings Inc. reported that profit for the first half of the year reached P1.7 billion, up 21 percent from the previous year’s P1.4 billion, as the company booked P6.6 billion in revenues for the period compared with the previous year’s P5.5 billion, also a 21 percent increase.

"Vista Land is on a solid growth footing. The sustained increases in our real-time sales over the last eight quarters confirm that our company has adopted the appropriate strategy to meet the underlying demand in the domestic property sector," said Paolo Manuel Villar, president of Vista Land.

For the period, Vista Land reported reservation sales of P5.5 billion, 19 percent higher.

Villar said the company is on track its target sales of P24 billion. Villar also expressed confidence that the company could surpass market consensus on its earnings income of P3.4 billion.

The company delivered "a little over 3,000 units" for the first half.

A little over a third of the company’s revenues, meanwhile, was contributed by units mass market brand Camella and Communities Philippines. Communities Philippines is the company’s marketing arm outside the Greater Manila area.

"We successfully launched 17 subdivision projects around the country – valued at about P12 billion, and we opened subdivision projects in three new areas – in Ilocos, Davao, and Cebu. We believe that our company will be able to sustain its growth momentum for the rest of the year," said Ricardo B. Tan Jr., chief finance officer of Vista Land.

"We are now present in 21 provinces and 51 cities and municipalities countrywide and we intend to continue to expand. Vista Land by far has the broader presence in the Philippines among all the major property developers," Tan said.

Vista Land spent P5 billion as capital expenditures in the first half, out of the calendared capex of P11.1 billion, adding new areas in its developments like Laoag, Ilocos Sur; Carcar, Cebu; Talamban, Cebu, and Tagum, Davao del Norte.

For the next three years, the company has allocated P45 billion as capex, a big portion of which will be used for the company’s four major master planned communities – Evia, Sta. Elena, Lakefront, and Crosswinds.

Villar said the company expects to boost its income from the commercial/leasing operation as it develops this portion of the business.

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