Villar's Vista Land expects to exceed 2012 profit goal after strong Q3
MANILA, Philippines - The property firm of the family of Senator Manuel Villar is confident of exceeding its profit target this year on the back of strong real estate sales in the low- and mid-income segments.
In a statement on Thursday, November 15, Vista Land & Lifescapes Inc. said "record" sales will push its bottom line above its P4.2 billion goal for 2012.
"I am very confident that we will actually meet or exceed our guidance numbers for earnings this year, and based on our stock market performance, it seems investors believe so as well," said Manuel Paolo Villar, son of the senator and CEO of Vista Land.
"I am pleased to report that, in spite of continued market uncertainties in Europe, the strategies we have adopted will allow us to meet our full year sales and revenue targets," he added.
Vista Land posted a net income of P1.05 billion in the third quarter, up 21.6% from P863 million a year ago.
This brought its 9-month net income to P3.23 billion, 24% more than the P2.6 billion the company reported in the same period last year.
The company attributed its strong performance to the P30.1 billion "record sales" it booked in January to September.
"We are averaging around P10 billion in sales every quarter and we should be able to hit a record P40 billion sales in 2012," noted company CFO Ricardo Tan Jr.
Vista Land's 9-month real estate revenues also went up 23% to P12.1 billion from P9.9 billion last year.
Tan said "most of our sales have been coming from our flagship Camella brand, 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."
Vista Land is the holding company of 5 business units, namely Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. - Rappler.com