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THE holding firm of the Villar group announced on
Wednesday that its consolidated profit more than doubled last year,
driven by the sales growth of its “affordable” or low-income
segment.
In a briefing, Ricardo Tan, Vista
Land and Lifescapes Inc. senior vice-president for finance said last
year’s consolidated net income surged 138 percent to P3.47 billion
over the previous year while revenues from real estate sales were up
by 37 percent to P8.2 billion.
Core net income jumped by 82.4
percent to P2.1 billion while operating expenses also went up by
29.4 percent to P1.8 billion year-on-year.
Sales growth across all segments
of the group rose but the improved financial performance can be
traced to the Camella Homes, the “affordable” housing market
division which is marketed under Communities Philippines. Vista
Land’s other units are Brittany, Crown Asia, and C&P Homes.
Consolidated net assets stood at
P44.4 billion, almost 50 percent more than the previous year.
Stockholders’ equity surged by 277 percent to P31.3 billion year
on year due to the share offering to the public last year, leading
to the company’s listing by way of introduction in the local
bourse. The jump in stockholders’ equity was also fueled by Vista
land’s debt restructuring and higher net profit for the 12-month
period.
Tan said overseas Filipinos make
up 60 percent of the company’s market, with its US market
comprising 10 percent.
The Vista Land executive said the
company is banking on the bigger overseas Filipino market in the
Middle East and Europe to boost sales.
He said that even if inflation
eats into buyers’ disposable income, they can “downscale”
their home purchase as Vista Land has 15 price points to offer.
So far, the company’s sales
take up in January and February reached P3 billion, 14 percent
higher year-on-year. Vista Land targets to book P19 billion in sales
as it hikes its capital expenditure by 76 percent to P12.7 billion
for 43 new projects this year.
--Likha C. Cuevas-Miel
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