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Vista Land, Megaworld log double-digit growth

Posted on May 14, 2014 10:59:52 PM [ BusinessWorld Online ]

PROPERTY developers Vista Land and Lifescapes, Inc. and Megaworld Corp. reported profit growth of 11% and 49%, respectively, in the first quarter of 2014 on the back of higher sales, both companies yesterday said in separate disclosures to the stock exchange.

Net income of Villar-owned Vista Land reached P1.5 billion from P1.3 billion year on year, while revenues, climbing 12%, totaled P5.4 billion from P4.9 billion.

“We should have no problem achieving our full year targets,” Vista Land chairman Manuel B. Villar said in the statement.

Vista Land’s first quarter reservation sales are close to P13 billion, he said.

On the other hand, Megaworld Corp. said it made P2.69 billion last quarter, which compares with first quarter last year’s P1.81 billion.

Megaworld attributed the double-digit profit growth to “strong residential sales in its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio.”

Rental income from office developments and lifestyle malls rose 23% to a record P1.7 billion from P1.39 billion in the same comparable period last year, while reservation sales grew by 9% to P19.6 billion.

Total revenues of the company and its subsidiaries Empire East Land Holdings and Suntrust Properties surged 22% for the first three months, reaching P9.94 billion from P8.15 billion year on year.

Vista Land shares were unchanged at P6.44 each at yesterday’s trade, while Megaworld shares last closed at P4.68 apiece, up 0.43% or P0.02 from P4.66. -- D. J. Magturo      

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