Posted on
August 15, 2013 10:36:28 PM [ BusinessWorld Online ]
TWO listed
property developers booked higher earnings last quarter on the back of higher
revenues, according to unaudited financial statements they submitted to the
bourse yesterday.
Villar-led Vista Land & Lifescapes,
Inc.’s net income grew by 7.02% to P1.22 billion in the April-June period from
P1.14 billion a year ago. This as revenues increased by 19.05% to P5.25 billion
from P4.41 billion, while cost and expenses surged 25.86% to P4.04 billion from
P3.21 billion.
Second-quarter
data drove profit to P2.57 billion in the first semester, up 17.89% from P2.18
billion in the same six months last year.
“The earnings
jump came on the back of revenue growth of 20%,” the company said in a
statement attached to a disclosure.
Revenues in
the first half climbed 21.34% to P10.52 billion from P8.67 billion, while the
cost and expenses rose 22.97% to P7.87 billion from P6.40 billion.
In a briefing
in Makati City, Vista Land Chief Financial Officer Ricardo B. Tan, Jr. said the
company launched 19 projects in the first half -- most of them under the
“affordable” segment of Camella Homes -- worth P12.3 billion.
Mr. Tan said
the company plans to launch P15 billion worth of projects which “vary in size”
this semester.
Mr. Tan added
the company raised P6 billion “in the second semester” from a five-year loan
agreement “with two banks.” “It will be part of the capex,” he said.
The company
plans to spend P18.6 billion this year, with nearly P10 billion allotted for
project launches and the rest for land acquisition. The company spent around
P12 billion last year.
Mr. Tan said
the company is on track to meet targets.
“In terms of
revenues we are looking at P20 billion, and in terms of income we are looking
at P5 billion,” he said.
Projections
are higher than the P17.40-billion revenues and the P4.37-billion net income
actually realized last year.
Meanwhile,
Century Properties Group, Inc. grew its net income by 13.11% to P555.4 million
last quarter from P491.0 million a year ago.
This as
revenues rose 9.35% to P2.69 billion from P2.46 billion, while cost and
expenses increased 6.67% to P1.92 billion from P1.80 billion.
Second-quarter
results sent net income to P1.06 billion in the first semester, up by 6.57%
from P944.5 billion in the same period last year.
Revenues
climbed 7.09% to P5.29 billion from P4.94 billion, while cost and expenses rose
4.11% to P3.80 million from P3.65 million.
“Execution of
the company’s business strategy of having innovative and co-branded projects
with renowned designers resulted in Century to be on track to meet its
full-year pre-sales target of P24 billion, with a 16% jump in pre-sales
earnings to P6.3 billion in the second quarter of 2013 compared to the same
period last year,” the company said in a statement.
Yesterday,
shares of Vista Land shed six centavos or 1.00% to close at P5.95 apiece
yesterday from P6.01 last Wednesday, while those of Century Properties lost
three centavos or 2.21% to P1.33 per share. -- Cliff Harvey C. Venzon
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