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Vista Land on track to hit P4.2-B profit target for 2012

Posted on June 25, 2012 10:13:58 PM [ BusinessWorld Online ]

VILLAR-LED Vista Land & Lifescapes, Inc., is poised to meet its P4.2-billion profit target for this year given favorable indications in the first half, an official said yesterday.
“We’re on track to hit the targets we were talking about,” Manuel Paolo A. Villar, the company president and chief executive, said in briefing following ceremonies for the firm’s fifth listing anniversary yesterday.

The company had earlier announced that it was expecting to book P4.2 billion in profits, up 20% from last year’s P3.55 billion.

Revenues, meanwhile is targeted at P16.1 billion, up by 20% from last year’s P13.5 billion.

The company is also eyeing to book reservation sales of P40.2 billion, also up by 20% from last year’s P30.5 billion

The confidence comes as the company’s biggest housing line has been performing well.

“Reservation sales for the Camella brand has been very strong and, of course, there were expansions,” Mr. Villa said.

The company, whose sales are mostly to overseas Filipino workers’ families, remain insulated from the crisis in Europe, he said.

“Fortunately, we haven’t seen results affected significantly by the European crisis,” he said. “Sales have been very strong, both reservation sales and real estate revenues sales.”

“We are on our way to achieve our target of at least 20% growth in 2012 over 2011,” he added.

Already, the company grew by 22% to P1.06 billion in the first quarter from last year’s P873 million.

The company launched nine major subdivision projects in the first quarter, eight of which are from the low and affordable segment, with Puerto Princesa and Candon City in the Ilocos region as new locations.

Mr. Villar also said that the company will be opening additional subdivisions in the second half, but declined to specify locations.

He added that the company is not closing its doors for public-private partnerships projects (PPP).

“The PPP projects are mostly infrastructure. To a certain extent, we would look into those that are related to our business,” he said.

“We have our own business model, so it (the PPP project) has to fit in,” he said. “We will look at it very carefully, if it is related and appropriate...” he said. -- Cliff Harvey C. Venzon

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