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Vista Land profits up 18% sees P46-B reservation sales

Published on Friday, 16 August 2013 00:00
Malaya Business News Online - Philippine Business News | Online News Philippines
First-half profit at Vista Land and Lifecape Inc. reached P2.6 billion, up 18 percent from last year’s P2.2 billion, the company disclosed yesterday.
Consolidated revenues reached P9.7 billion, 20 percent higher than last year’s P8.1 billion, the company added.
Reservation sales for the period were reported at P23.6 billion, higher by18 percent against last year’s P20 billion, according to Manuel Paolo Villar, Vista Land president. This year, he added, reservation sales are expected to hit P46 billion.
“Demand for housing is expected to be robust, particularly in the affordable price segment which is dominated by our Camella brand. There is no oversupply in housing and our aggressive plans to expand countrywide remain unchanged,” Villar said.
The company has launched so far a total of 19 projects with a sales value of P12.3 billion, nearly half of the P25 billion goal for the year.
Villar said Vista Land intends to launch new projects with focus on areas outside Metro Manila, and under the Villar group’s Communities Philippines unit.
Communities Philippines is a marketing arm promoting mainly Camella branded housing units around the country.
Communities Philippines accounted for 42 percent of the group’s first half revenues.
For the period, Vista Land spent P8 billion of the calendared P18.6 billion capital expenditures for the year. Vista Land said it closed the period with total assets of P83.6 billion, 13 percent higher than last year’s P74.33 billion.
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