Las Pinas—(PHStocks)—Vista Land & Lifescapes Inc. (PSE: VLL), one of the country’s leading integrated developers, posted an 11% net income growth for the nine months of 2016 to PhP6.4 billion from PhP5.8 billion in the same period last year. Rental income for the nine months of the year registered a 67% increase to PhP3.1 billion from PhP1.9 billion in the comparable period, resulting from the increase in the leasable space of the Company during the year. Consolidated revenues ended the period at PhP24 billion, up by 8% from previous year’s PhP22.3 billion.
“We remain bullish with the expansion plans of our newly acquired subsidiary Starmalls, Inc. which currently now has 17 commercial assets in its portfolio and that is on top of what we had prior to the acquisition,” Vista Land Chairman Manuel B. Villar, Jr. said. “Our strategies in both the commercial and residential side of our business are anchored on sound Philippine macroeconomic fundamentals, a resilient real estate industry, the favorable market environment and the sustained growth in disposable income and OF remittances,” he added.
The company launched PhP17 billion worth of projects during the period, mostly in the low and affordable segment outside the Mega Manila area. To date, the company is present in 97 cities and municipalities around the Philippines and is looking to open in at least 3 more new areas, growing its geographic presence to a hundred areas across the country. The company is also planning to build its first condominium project in the island of Boracay which will be called Costa Vista Boracay.
The company’s total consolidated assets as of 30 September 2016 amounted to PhP172.8 billion.
“Our Company is poised to have another banner year for 2016 as our additional leasable spaces are now contributing significantly to our current financial results and will continue for the rest of the year and moving forward,” Vista Land President & CEO Manuel Paolo Villar said. “We also remain prudent with our financial management as we undertook a liability management exercise during the period to replace some of our existing dollar liability with a 7-year peso denominated bilateral loan at a 5% interest rate,” he explained.
As of end September 30, 2016, Vista Land spent PhP22.7 billion of its capital expenditure budget of PhP30.9 billion. The majority of the expenditures were made in constructing commercial assets as well as housing units sold to buyers.
Vista Land has also announced that it will focus on the development of Communicities, integrated urban developments combining lifestyle retail, prime office space, schools, healthcare, themed residential developments and leisure components.