Villar-led Vista Land nets P1.3-B in Q1, up 29%

MANILA, Philippines – The property development firm of Sen. Manuel Villar earned P1.342 billion in the first 3 months of 2013, boosted by new developments and strong take up of current projects.

Vista Land & Lifescapes Inc’s January-to-March earnings rose 29% from P1.036 billion in the same period in 2012, the company said in a statement on Wednesday, May 15.

Revenues reached P4.86 billion from P4.02 billion in the same quarter a year ago. Assets as of end-March reached P76.4 billion.

“Our first quarter reservation sales are close to P12 billion pesos, which confirms our reading that demand for housing all around the country continues to be very strong.” Chief Financial Officer Ricardo B. Tan, Jr. said.

“We launched 11 major subdivision projects during the quarter – 8 of which are from the low and affordable segment. These 11 projects have an aggregate value of about P6.4 billion. Outside of Metro Manila, we opened projects in Bulacan, Bataan, Cagayan de Oro, Pampanga, and Tarlac,” Vista Land president and CEO Manuel Paolo Villar said.

“I fully expect our Camella brand to continue to dominate the housing market nationwide, and as we successfully execute our strategy of bringing our brands to new areas, our position as the dominant player in housing will be solidified even further,” added Villar.

Capital expenditures for 2013 is set at over P18.6 billion. – Rappler.com