Villar-led property developer Vista Land & Lifescapes Inc. posted a net income of P2.9 billion in the first quarter of 2019, up 12% from P2.6 billion a year earlier on the back sustained growth momentum of its core residential and contribution from its leasing business.
In a disclosure to the Philippine Stock Exchange on Friday, Vista Land said its consolidated revenue stood at P11.4 billion, up 14% from P10.1 billion year-on-year.
Leasing revenue grew by 18% to P1.9 billion from P1.6 billion.
“2019 promises to be another record year for Vista Land. We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses,” Vista Land chairman Manuel Villar said.
“Our outlook for the year is based on the steady growth of our housing business in addition to the increasing contribution of our commercial assets on the back of sound Philippine macroeconomic fundamentals specifically the current rate cut and the continued decline in inflation. We are seeing stable demand in our housing business as we registered 10% growth in reservation sales for the quarter,” he added.
Vistad Land’s total consolidated assets as of end-March 2019 totaled P244.5 billion, higher compared to P238.3 billion in December 2018
The company also launched new projects amounting to about P10.8 billion in the first quarter of 2019.
Capital expenditures for 2019 are expected to reach P40 billion.
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Vista Land nets P2.9B in Q1, up 12%