Vista Land & Lifescapes, Inc. (PSE: VLL), one of the country’s leading integrated property developers, reported a 12% growth in net income for the first quarter of 2019 to PhP2.9 billion from PhP2.6 billion in the same quarter last year driven by the sustained growth momentum of its core residential business and the contribution from its leasing business. Consolidated revenues for the quarter ended at PhP11.4 billion, 14% higher than the PhP10.1 billion in the comparable period a year ago. Leasing revenue for the quarter increased by 18% to PhP1.9 billion from PhP1.6 billion in the prior year period.
“2019 promises to be another record year for Vista Land. We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses,” said Vista Land Chairman Manuel B. Villar. “Our outlook for the year is based on the steady growth of our housing business in addition to the increasing contribution of our commercial assets on the back of sound Philippine macroeconomic fundamentals specifically the current rate cut and the continued decline in inflation. We are seeing stable demand in our housing business as we registered 10% growth in reservation sales for the quarter”, he added.
The company’s total consolidated assets as of 31 March 2019 amounted to PhP244.5 billion compared to PhP238.3 billion in December of last year.
Manuel Paolo Villar, President & CEO of Vista Land stated, “We are optimistic about the prospects for our Company for 2019,” said Manuel Paolo Villar. “We have registered growth in our core residential business as well as sustained increase in our leasing business,” he added. “Demand for our housing products has been stable as our sales from Overseas Filipinos remained solid at over 50% of our total sales and we are also seeing and increase in domestic demand,” he ended. Vista Land also launched new projects totaling to about PhP10.8 billion in the first quarter of 2019.
Capital expenditures for 2019 are expected to reach PhP40 billion.
Vista Land has an established presence in 147 cities and municipalities across 49 provinces as of end March 2019 and intends to focus on the development of Communicities, – integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.