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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