Published on 16 August 2012 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR
Vista Land and Lifescapes Inc., one of
the country’s largest homebuilder, reported a 25-increase in its net income for
the first half of 2012 to 2.19 billion, which is higher compared to P1.74
billion the company earned during the same period last year.
Vista Land registered a 47 percent
boost in sales during the first half of the year.
“As we have said since last year,
Vista Land is on solid growth footing. I believe demand for housing will remain
strong for the next few years and Vista Land is in a perfect position to
capitalize on this,” said Vista Land President and Chief Executive Officer
Manuel Paolo Villar.
“There is no glut in the housing
market segment and we have adopted an aggressive project pipeline to meet
demand over the coming years,” he added.
Ricardo Tan, chief financial officer
of Vista Land, said that their earnings jump came on the back of revenue growth
of 22 percent. Revenues were P8.1 billion for the first half of 2012 compared
to the P6.6 billion realized during the first half of 2011. Sales also remained
strong, registering a 47-percent growth to P20 billion.
“The company expects full year sales
to hit record levels of about P40 billion,” he said.
Tan added that the growth in their
sales is largely being driven by Camella, which contributed 34 percent,
followed by Crown Asia with 16 percent.
As for Vista Land’s capital
expenditures, Tan said that they are expecting it to reach P15.2 billion, which
will cover P2.5 billion for acquisitions and P3.7 billion for land development.
“We successfully launched 15
subdivision projects around the country, valued at about P12 billion, five of
which were in new areas, namely Palawan, Bohol, Candon, Ilocos Sur, Vigan, and
Batangas,” Tan said.
Tan added that Vista Land has a
presence in 28 provinces and 60 cities and munipalities around the country.
Vista Land is the holding company of
five business units: Brittany; Crown Asia; Camella Homes; Communities
Philippines; and its condominium development subsidiary, Vista Residences. The
company’s total consolidated assets as of June 2012 stood at P73.2 billion.
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