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Vista Land Q1 profit up 29%

Published on Thursday, 23 May 2013 00:00 [ ] 
Vista Land Lifescape, Inc., said profit for the first quarter of the year reached P1.342 billion, 29 percent higher than last year’s P1.036 billion.
Consolidated revenues reached P4.86 billion, up 21 percent percent from last year’s P4.02 billion.
“The year 2013 promises to be another record year for Vista Land. We are pleased to have been able to sustain the growth achieved last year and should have no problem achieving our full year targets.” said Ricardo B. Tan, Jr.,Vista Land chief financial officer.
“Our first quarter reservation sales are close to P12 billion, which confirms our reading that demand for housing all around the country continues to be very strong.” he added.
Manuel Paolo Villar, Vista Land president, said for the period, they launched 11 major subdivision projects, eight of which are from the low and affordable segment.
“These 11 projects have an aggregate value of about P6.4 billion. Outside of Metro Manila, we opened projects in Bulacan, Bataan, Cagayan de Oro, Pampanga, and Tarlac,” said Villar.
Capital expenditure for 2013 is expected to reach over P18.6 billion.
“I remain extremely confident about the prospects for our company,” said Villar.
“In addition to our aggressive expansion in the provinces, we have continued to move forward with our plans for communities in our major hubs like Evia in Daang hari, The Lakefront in Sucat, and our Swiss-inspired development, Crosswinds,in Tagaytay City he explained,” he added.
Villar said they expect their Camella brand “to continue to dominate the housing market nationwide.”
“And as we successfully execute our strategy of bringing our brands to new areas, our position as the dominant player in housing will be solidified even further,” added Villar.
Tan said Vista Land is eyeing to raise P5 billion  to P6 billion in fresh funding that it will use to refinance existing debts. Vista Land currently has an interest-bearing loans worth P17.84 billion.
Tan said they are looking at a tenor of five years, “with fixed interest, and no collateral.”
Vista Land assets currently stands at P76.4 billion compared to P74.3 billion in December last year.

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