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Vista Land to pay out special dividends to shareholders on improved income

Posted on June 17, 2012 09:28:25 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Vista Land & Life-scapes, Inc. has moved to distribute special cash dividends to its shareholders on the back of the company’s robust financial standing since the start of the year.

This year’s special cash dividend, amounting to four centavos per share or 10% of the company’s 2011 consolidated net income, was approved at a board organizational meeting held after Vista Land’s annual stockholders’ meeting in Las Piñas City last Friday, the firm said in a statement.

“In view of Vista Land’s excellent performance and strongly positive outlook so far, we are pleased to once again reward our loyal shareholders,” said Manuel Paolo A. Villar, Vista Land president and chief executive officer.

Vista Land hiked its first-quarter net income to by 22% to P1.06 billion from P873 million last year on the back of brisk housing demand.

Revenues rose to over P4.0 billion versus P3.28 billion, year on year, while operating expenses grew by 29% to P951 million from P738 million last year.

Vista Land last year declared a special cash dividend of P0.035 centavos per share, the company’s 2011 annual report showed.

The new dividends, meanwhile, will be paid on July 26 to all stockholders on record as of July 2.

Shares of Vista Land slipped by 1.98% to P3.97 last Friday from P4.05 at its previous close. -- Franz Jonathan G. de la Fuente

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