Posted on
March 21, 2013 10:38:48 PM [ BusinessWorld Online ]
TWO LISTED
property developers yesterday reported higher full-year profits for 2012 on the
back of improved revenues from flagship businesses, according to separate
regulatory filings.
Vista Land & Lifescapes, Inc. reported a
net income of P4.376 billion last year, up 24.04% from P3.528 billion in 2011,
according to an audited consolidated financial statement disclosed through the
bourse.
Total
revenues grew by 22% to P17.397 billion from P14.259 billion in 2011.
Filinvest
Land, Inc., meanwhile, posted a net income of P3.431 billion last year, 16.70% more
than P2.940 billion in 2011 as total revenues -- consisting mostly of real
estate sales and rental income -- went up by 21.07% to P11.609 billion from
P9.589 billion, the Gotianun-owned firm said in its disclosed unaudited
financial statement.
Real estate
sales climbed by 26.54% to P8.798 billion from P6.953 billion.
VISTA LAND
“We are very
pleased to report that we have once again exceeded our targets for the year,”
Manuel Paolo A. Villar, Vista Land chief executive officer, said in a statement
yesterday.
“Our strategy
is paying off handsomely and -- given the strength of the property market,
particularly housing -- we will continue to focus on bringing the Camella
(Homes) brand to families around the country,” Mr. Villar added, referring to
the firm’s flagship Camella Homes brand which caters to the affordable market
segment.
The
Villar-led firm had earlier said that, for 2012, it aimed to hike its net
income by 18.98% to P4.2 billion from P3.53 billion in 2011, and increase
revenues by 18.43% to P16 billion from P13.51 billion.
Last year,
Vista Land launched 28 projects collectively worth P25.5 billion, bulk of which
catered to the low-income and affordable market segments.
“I think it’s
safe to say we’ll exceed this current year in terms of project value,” Mr.
Villar told reporters at Vista Land’s 2012 results briefing at the Mandarin
Oriental, Makati City yesterday.
Vista Land
aims to sustain double-digit growth this year through higher reservation sales
via Camella Homes, he added.
“This year,
we’re looking at another record year: growth of about 15-20%, hopefully closer to
20%, for both revenues and net income. We’re also looking at least 15% growth
in reservation sales, mostly from the Camella (Homes) brand,” Ricardo B. Tan,
Jr., Vista Land chief financial officer and compliance officer, said at the
same briefing.
Growth this
year will be supported by spending of “about P18-20 billion” compared to
P14.967 billion actually spent last year, he added.
FILINVEST
LAND
Filinvest
Land, meanwhile, said in its report that the “hike in real estate sales was
driven by higher reservation sales generated during the year, as well as the
completion of more mid-rise buildings that were already sold.”
Reservation
sales rose by 14.91% to P13.1 billion last year from P11.4 billion in 2011 on
the back of nine new projects and 12 phases of existing projects that were
launched in 2012.
Rental income
in the same comparative periods rose by 16.30% to P1.777 billion from P1.528
billion.
The company
attributed this growth to higher occupancy and lease rates of its office
portfolio, mostly located at the 10-hectare Northgate Cybzerzone commercial hub
in Alabang, Muntinlupa City.
Filinvest
Land said it has earmarked P20 billion for its capital expenditures this year,
two-thirds more than its P12-billion budget in 2012. Actual spending last year
was not immediately available.
“Around P10
billion is earmarked for residential project development costs, P7 billion for
the construction of office buildings and malls, and the balance of P3 billion
for landbanking activities,” the Gotianun-led company said in its disclosure.
Shares of
Vista Land gained four centavos or 0.76% to P5.27 apiece yesterday, while those
of Filinvest Land shed one centavo or 0.55% to P1.81 each. -- FJGDLF
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