05/16/2012 [ tribune.net.ph ]
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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