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.
“STRONG RESIDENTIAL SALES”
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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