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Vista Land earnings reach P2.19B in first half

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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