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VISTA Land and Lifescapes Inc. announced on Thursday that its
first-quarter net income plunged due to the absence of one-time
gains enjoyed last year.
The company said its earnings fell by 50 percent
to P760 million since last year’s numbers included the one-time
gain from restructuring and realized foreign exchange gains. It said
that its core net income however jumped by 88.9 percent to P413
million due to real estate sales growth.
Vista Land’s revenues for the period grew by
30 percent to P2.619 billion year on year pushing its gross profit
by 30 percent higher to P1.319 billion. At end-March, the
company’s total consolidated assets inched up by 1.6 percent to
P45.138 billion while stockholders’ equity was up 2 percent to
P31.88 billion.
In the first three months, Vista Land launched
10 new projects valued at about P7.3 billion and another 43
projects, up from last year’s 28 projects, valued at P53 billion,
have yet to be launched.
“We are moving forward with our plans to
continue expanding our presence in new areas in the provinces this
year. Demand for housing has remained strong and we are on track to
meet our sales and revenue targets for the year,” Ricardo Tan,
Vista Land senior vice president for finance, said.
-- Likha C. Cuevas-Miel
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