Listed property developer Vista Land and Lifescapes Inc., reported on Tuesday that its net income for the first nine months of the year grew by 18.3 percent to P5 billion from P4.2 billion in the same period last year.
The company said high real estate revenues, which increased by 9.7 percent to P18.5 billion from the P16.9 billion recorded last year, mainly drove this.
Vista Land said 76 percent of its real estate revenues were contributed by its Camella brand, contributing 26 percent from Metro Manila, and 50 percent outside Metro Manila under the Communities Philippines brand.
Vista Residences contributed 14 percent; Crown Asia, six percent; and Brittany, four percent of the total real estate revenue.
Vista Land noted that reservation sales remained strong in the first nine months of the year, as it grew by 10.3 percent to P42.7 billion compared to the P38.7 billion registered last year.
Consolidated assets were placed at P123.3 billion as of end of September 2015.
The company said it has spent 74 percent or P18.6 billion of its capital expenditure budget of s P25.1 for the entire 2015.
“We’re pretty much on track with meeting our budget P25.1 billion capex,” said Vista Land CEO Manuel Paolo Villar.
Vista Land added it has launched 34 projects in the first nine months of the year, which has a total value of about P30 billion, most of which are in the low and affordable market segment.