The growing demand for Vista Land & Lifescapes Inc.’s Camella housing brand, alongside its other products, remained consistent in fuelling the listed developer’s first-half income and sales performance.
Ricardo Tan Jr., Vista Land’s chief financial officer, reported in a media briefing on Thursday that the country’s largest homebuilder registered an 18-percent increase in its net income for the first half of 2013 to P2.6 billion compared to P2.2 billion it earned during the same period in 2012.
According to Tan, the increase in its earnings was driven by a large revenue growth as well as the growing demand for the firm’s “Camella Homes” business unit.
Revenues of the company for the period went up 20 percent to P9.7 billion versus the P8.1 billion it realized during the first half of 2012.
Tan added that the company is already bullish about hitting full-year record sales target of P46 billion.
“Vista Land continues to remain firmly on a solid growth path. Demand for housing is expected to be robust, particularly in the affordable price segment which is dominated by our Camella brand,” said Manuel Paolo Villar, Vista Land president and chief executive officer.
“There is no oversupply in housing and our aggressive plans to expand countrywide remain unchanged,” he added.
Also, Vista Land founder and former senator Manuel Villar said that Vista Land will eventually increase its leasable areas in a few years, mentioning of the firm’s plan to build a business process outsourcing (BPO) firm in the future as well as malls in three provinces nationwide.
“For Vista Malls, we’re putting up in Iloilo, Cagayan de Oro and Malolos, Bulacan,” Villar said.
During the second quarter of this year, Vista Land also raised P6 billion at an interest rate of 5.75 percent per annum with a tenor of five years, compared to over 7.27 percent last year.
“It is noteworthy that we have been able to borrow on much improved terms compared to a few years ago. I believe this reflects the banking community’s increased confidence in Vista Land,” Tan said.
According to the younger Villar, the company is still not closing its door to further fund-raising given the favorable rates.
“We are still open. Especially in terms of financing next year, we might do it,” he said.
Currently, Vista Land now has residential housing developments in 31 provinces and 64 cities and municipalities around the country.
Vista Land is the holding company of five business units—Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences.