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Property developers cite earnings boost

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.
“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, 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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