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Higher sales lift Vista Land 2013 profit

March 10, 2014 9:11 pm [ ]
by Madelaine B. Miraflor Reporter

Vista Land & Lifescapes Inc., the largest homebuilder in the country, said its net profit in 2013 climbed 15 percent from a year earlier on brisk demand for housing and a higher completion rate of inventories across its business units.

In its latest financial statement, Vista Land said net income in 2013 increased by 15 percent to P5 billion against P4.4 billion in 2012. Revenue climbed by 23 percent to P20 billion from the P16.3 billion recorded in 2012.

The real estate firm attributed the increase in revenue to the completion rate of sold inventories of its business units, particularly Communities Philippines, Vista Residences, and Crown Asia.

Vista Land said its total assets as of December 31, 2013 stood at P84.5 billion, up 19 percent from the P71.3 billion recorded at the end of 2012.

“For the year ended December 31, 2013, there were no seasonal aspects that had a material effect on the financial condition or results of operations of the company,” Vista Land noted in its financial report.

Net profit in the first nine months of 2013 went up 17 percent to P3.8 billion, driven by significant sales growth, while revenue grew 22 percent to P14.9 billion from P12.2 billion in the previous year.

Vista Land is set to issue P5 billion worth of retail bonds to help its subsidiaries fund their commercial development projects.

In a filing on Friday, the company said its board of directors has given its authorization to proceed with the company’s maiden retail bond offering.

“Our plans of tapping the retail bond market for the first time is part of our overall strategy to diversify our sources of funding,” said Manuel Paolo Villar, chief executive officer of Vista Land.

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