VILLAR-led Vista Land and Lifescapes, Inc. said net income in the first nine months of the year grew 12 percent to P7.1 billion from P6.4 billion a year ago on higher real estate revenues and leasing income.
The company is targeting net income of P10 billion for 2018 as it sees a recovery in the residential business and continued expansion in retail spaces.
“Our guidance for now is about P10 billion for 2018,” Vista Land President and Chief Executive Officer Manual Paolo Villar told a news briefing in Makati City on Wednesday.
For this year, Villar said Vista Land is targeting net income of P9 billion and over P60 billion worth of project launches.
“As of the third quarter, we launched P46 billion and I think by the end of the year, we would launch at least P60 billion worth of projects. I’m very confident that by January, we will have more than P70 billion worth of projects,” he added.
Consolidated revenues for the first nine months rose P12 percent to P26.9 billion, with real estate revenues contributing P20.8 billion, up 9 percent year-on-year. Leasing income soared 30 percent to P4.3 billion.
“We remain bullish for the industry given the robust demand for our housing products as well as our success in our leasing business propelled by the steady growth in disposable income, overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities outside Metro Manila,” Villar said.
“We are now present in 132 cities and municipalities and we are moving closer to our target of having a presence in 200 cities and municipalities in the near future,” he said.
“As for the leasing side of our business, we ended the period with a gross floor area of over 1 million square meters of commercial space, resulting in 28 percent of our Ebitda now coming from our recurring leasing business and this will continue to grow as we continue the expansion of our investment properties,” he added.
Vista Land intends to focus on the development of “communicities,” a mixed-use development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.