SUMMARY
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MANILA, Philippines – Vista Land & Lifescapes, Inc., real estate firm founded by Sen. Manuel Villar, reported a net income of P4.4 billion in 2012, a record high.
In a statement to the stock exchange on Thursday, March 21, Vista Land said its financial performance exceeded the P4.2 billion goal for 2012, citing record sales.
“We are very pleased to report that we have once again exceeded our targets for the year,” Manuel Paolo Villar, Vista Land’s Chief Executive Officer and son of Sen. Villar, said in a statement.
The 2012 earnings performance translates to a 25.7% increase from 2011’s P3.5 billion net. A year ago, its net income rose 17%.
Real estate sales reached P16.3 billion in 2012, an all-time high.
Total assets stood at P74.3 billion in 2012 against P67.6 billion a year ago. It has a land bank of 1,962 hectares nationwide.
“Our strategy is paying off handsomely and given the strength of the property market, particularly housing, we will continue to focus on bringing the Camella brand to families around the country,” Villar added.
Vista Land is the holding company of 5 business units: Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.
“The market demand for housing, particularly for Camella in the provinces, continues to be robust and we don’t see any risk of a slowdown in that segment,” Ricardo B. Tan, Jr, Vista Land’s Chief Financial Officer, said about prospects for 2013.
Vista Land is mulling a capital restructuring plan, which is part of moves to raise funds in the future without breaking foreign ownership rules. – Rappler.com
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