Published on Friday, 22 March 2013 00:00
Malaya Business News Online - Philippine Business News | Online News Philippines
Villar is confident that the property market is assured of a good run for the next three years in which Vista Land is expected to benefit.
Vista Land and Lifescapes, Inc. is confident this year’s activity will continue to be favorable for the company, seeing overall performance indicators as going up by double digits.
Richard Tan, Vista Land chief finance officer, said they expect profit and revenues to improve between 15 and 20 percent for the year from last year’s P4.38 billion and P16.34 billion respectively as the company continue to build more residential units all over the country.
The more indicative predictor of growth of reservation sales meanwhile is seen to improve by 15 percent this year from last year’s P40.09 billion.
“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 brand to families around the country,” said Manuel Paolo Villar, Vista Land’s chief executive officer.
Villar expressed confidence that the property market is assured of a good run for the next three years in which Vista Land is expected to benefit.
Vista Land said last year’s P4.38-billion profit was a 24 percent improvement over the previous year’s P3.53 billion, while the P16.34-billion revenue was a 21 percent uptick from the previous year’s P13.51 billion.
“We have exceeded our target for last year when we targeted a 21 percent profit growth and a 20 percent revenue growth. 2012 is the best year for Vista Land since 2007,” said Tan.
Vista Land was the former C&P Homes, Inc., which was restructured by the Villar family in 2007 after several years in the doldrums as a result of the 1997 Asian financial crisis.
“This year will be another record year for us,” said Tan, noting that the company’s tack will remain in developing affordable housing units under the brand Camella.
At 34 percent of total revenues, Camella’s contribution in Vista Land is the biggest among the four brands of the company. Units Crown Asia contributed 12 percent; Brittany 13 percent; Vista Residences 5 percent; and Communities Philippines 36 percent.
Communities Philippines is not a particular brand within the Vista Land group but a marketing arm of the company that sells the other four brands outside greater Manila area.
“We will continue to take advantage of the demand in the province and greater Manila for Camella,” said Tan who noted that “market demand for housing, particularly for Camella in the provinces, continues to be robust” without a hint of any slowdown.