Published on Thursday, 23 May 2013 00:00 [ Malaya.com.ph
]
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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