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Vista Land Q1 net income increases 22% to P1.06B

05/16/2012 [ ]

Homebuilder Vista Land and Lifescapes Inc. registered first quarter net income of P1.06 billion, up 22 percent from P873 million posted on the same period last year on the back of strong reservation sales.

Revenues exceeded P4 billion for the first quarter of this year compared to the P3.281 billion realized during the comparable period last year still led by the Camella brand which account for about two-thirds of the total, followed by Communities Philippines, Brittany, Crown Asia and Vista Residences at five percent, and is expected to end at seven to eight percent in the full year.

Gross profit margin was at about 50 percent while operating expenses was maintained in low 20 percent of topline.

Vista Land CFO Ricardo Tan Jr. said the company breached the P10-billion mark for the first time in quarterly reservation sales, confirming their reading that demand for housing continues to be very strong. “The market is large enough, the demand is big enough. Looking the demographics of the country, lenient age is mid 20s… there’s going to be larger demand over ten years,” he added.

He also said all numbers are in line and the company is on-track to meet their targets for this year. “The company’s performance for the first quarter was slightly better than expected. We are off to a good start and are on track to achieve our full year targets for 2012. If annualized, it would be better than P4.2-billion income target. The first quarter is usually a little weak,” he said.

The company’s total consolidated assets as of March 2012 totalled P68.96 billion compared to P61.47 billion in March of last year. Danessa O. Rivera

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