Villar-led Vista Land 2011 earnings up 17% to P3.5-B
MANILA, Philippines - Vista Land & Lifescapes, Inc, the listed property firm controlled by the family of Sen. Manuel Villar, posted a 17% increase in profits in 2011 as record sales boosted bottom-line to P3.53 billion from P3.01 billion the year before.
In a statement released on Wednesday, April 11, Vista Land disclosed that real estate sales reached a record high of P13.51 billion in 2011.
The firm's Chief Financial Officer Ricardo B. Tan, Jr. said “2011 turned out to be better than we expected…Our strategy of targeting the affordable and low-end market segments has been very successful, resulting in particularly strong growth from Camella Homes and Communities Philippines,” said .
Through the 5 business units, Brittany, Crown Asia, Camella Homes,Communities Philippines, and Vista Residences, total company assets reached P67.57 billion by yearend.
For 2012, Vista Land President and Chief Executive Officer Manuel Paolo Villar said “We are projecting around 20% revenue and earnings growth for 2012 which should result in another record year for our company.”
“Demand for housing in the Philippines continues to be very strong so we are expecting robust growth in reservation sales given our planned project launches countrywide.” he added.
It launched 23 new projects in 2011 valued at about P21 billion. It plans to spend P15 billion in capital expenditure outlay this 2012.
Vista Land said it has a landbank of 1,811 hectares nationwide. - Rappler.com