Las Pinas—(PHStocks)—Vista Land & Lifescapes Inc. (PSE: VLL), the country’s largest homebuilder, reported revenues of PhP12.2 billion and a net income of PhP3.1 billion for the first semester of the year, both 10% higher than last year’s PhP11 billion and PhP2.8 billion, respectively. Sales also remained strong with P28.3 billion compared to last year’s PhP25.9 billion.
“Vista Land remains firmly on a solid growth path driven by the sustained momentum in our housing business,” said Vista Land Chairman Manuel B. Villar Jr. “Demand for housing continued to be strong, particularly in the price segment dominated by our Camella brand. Our plans to expand countrywide remain unchanged. We now have residential housing developments in 35 provinces and 90 cities and municipalities around the country. Our continued expansion in the provincial areas is taking advantage of the rising middle class in the country and has solidified Vista Land’s dominant position in housing in the Philippines.”
Vista Land is the holding company of five business units—Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences. The company’s total consolidated assets as of June 2015 were PhP119 billion. Capital expenditures for the first semester of 2015 registered at PhP13.4 billion.
“It is noteworthy that we have been able to successfully issue our first 7-year $300 million note last June which is part of our liability management exercise primarily to extend our existing US dollar notes due 2018 and 2019. I believe this exercise reflects Vista Land’s growing brand name within the Philippines credit space,” said Manuel Paolo Villar, Vista Land President and CEO. The company’s growing liability management expertise will also likely be making investors more comfortable with its underlying creditworthiness.
Vista Land is recognized for its themed and masterplanned cities that offer quality housing across all market segments. The company’s Vista City, one of the Company’s masterplanned cities, is envisioned to become the most expansive business district south of Metro Manila. Vista City has a direct access to the South Luzon Expressway via the recently opened Muntinlupa-Cavite Expressway (MCX).