The income of Vista Land and Lifescapes Inc., the country’s largest homebuilder, during the first nine months of the year went up by 17 percent to P3.8 billion amid significant sales growth.
In a briefing held in Makati on Tuesday, Vista Land officials reported that the firm’s net income for the first nine months of 2013 reached P3.8 billion, which is 17 percent higher than the P3.2 billion the company earned in the previous year.
Also, the company’s real estate revenue increased by 22 percent to P14.8 billion from P12.2 billion.
Sales of Vista Land for the third quarter, on the other hand, reached almost P12 billion, bringing total revenues for the first nine months of the year to P35.5 billion.
Vista Land chairman and former senator Manny Villar said the company is averaging almost P12 billion in sales every quarter, and it should be able to hit a record P46 billion in sales for 2013.
“I am very confident that we will meet our guidance numbers for sales, revenues and earnings this year. The strategies in the housing market that we have adopted will allow us to meet our full-year targets,” Manuel Paolo Villar, chief executive officer of Vista Land, said.
Manny Villar said that most of Vista Land’s sales have been coming from its core product, which is housing, both in Metro Manila and in the provincial areas.
“We fully expect to see continued strong sales performance in the coming years, as demand for house and lots, particularly in the mid- to low-end segment of the market, continues to be extremely robust. We launched 18 subdivisions projects outside Metro Manila such as Capiz, Aklan, Koronadal and Bataan to name a few,” he added.
Vista Land is the listed holding company of five business units: Brittany; Crown Asia; Camella Homes; Communities Philippines; and Vista Residences.
For the period, the company launched a total of 27 projects with an estimated total value of P19.4 billion.
During the nine-month period, Vista Land spent P12.6 billion, or 68 percent of the company’s total capital expenditure for the year.
The company’s consolidated assets as of September 2013 totaled P84.9 billion compared to P74.3 billion end of December of last year. Capital expenditures for 2013 are expected to reach P18.6 billion.
For the first half of the year, Vista Land registered an 18-percent increase in its net income to P2.6 billion from the P2.2 billion it earned during the same period in 2012.