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Vista Land approves cash dividend

Posted on September 17, 2012 09:57:46 PM [ BusinessWorld Online ]

PROPERTY DEVELOPER Vista Land & Lifescapes, Inc. has approved the distribution of regular cash dividends to its stockholders amounting to 8 centavos per share next month, as it cited robust financial performance so far and its upbeat full-year outlook.

Following a meeting yesterday, the company’s board approved the declaration of a regular cash dividend of 8 centavos per share, totaling roughly P672.50 million in dividends, to be distributed on Oct. 26 to all shareholders on record as of Oct. 2, a statement yesterday showed.

“In view of Vista Land’s excellent performance, strongly positive outlook and commitment to our shareholders, we are paying the regular cash dividend to our shareholders in addition to the special dividend that we paid earlier this year, making the total dividend payout equivalent to 30% of the prior year’s net income, or 12 centavos per share,” said Manuel Paolo A. Villar, Vista Land president and chief executive officer.

Last June the property firm paid out to its shareholders a special cash dividend of 4 centavos per share.

Vista Land has delivered about 200,000 units to buyers since 1977, and claims to have presence in over 50 cities and municipalities nationwide, its Web site read. In the first quarter, the company bared plans to develop eight residential condominiums worth P10 billion and 32 residential subdivisions worth P32 billion this year. For 2012, Vista Land had programmed a capital expenditure of P15 billion, to be used mostly for its Camella Homes brand, which sells residential units valued at P3.5 million and below. The firm targets reservation revenues to hit P28 billion-P30 billion by the yearend, compared to a 2011 goal of P24 billion. It reported a 25% rise in net income to P2.19 billion in the first half from P1.74 billion last year.

Vista Land shares gained 3 centavos or 0.67% to P4.54 yesterday from P4.51 on Friday last week. -- FJGDLF  
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