VILLAR-LED Vista Land & Lifescapes, Inc. recorded a 9.5% increase in its third-quarter (Q3) net income to P2.64 billion from P2.41 billion a year ago on higher revenue.
Revenue climbed by 2.4% to P8.87 billion from P8.67 billion last year, Vista Land said in a regulatory filing.
For the first nine months, Vista Land grew its net income by 10% to P9.08 billion from P8.22 billion in 2023.
The property developer saw a 7% increase in consolidated revenue to P29.1 billion. Vista Land launched P32.6 billion worth of new projects nationwide during the period.
“We are now reaping the fruits of our various Vista Estate projects across the country, which is one of the factors in the sustained growth in our reservation sales which amounted to P58.4 billion as the end of period,” Vista Land Chairman Manuel B. Villar, Jr. said in a separate e-mailed statement over the weekend.
Real estate revenue rose by 12% to P13.6 billion while rental income increased by 5.1% to P12.4 billion.
“We remain optimistic with the industry especially in the provincial areas where demand continues to rise,” Mr. Villar said.
Vista Land said it is not affected by the recent government ban on Internet Gaming Licensees, formerly known as Philippine Offshore Gaming Operators (POGOs).
“Our presence in 147 cities and municipalities across the country became apparent when we saw softening demand in Metro Manila due to the effect of the POGO ban,” Mr. Villar said.
Meanwhile, Vista Land President Manuel Paolo A. Villar said the company is reinforcing its position in the residential and commercial sectors.
“We have also seen steady growth in our 1.6 million square meters gross floor area of commercial portfolio which includes 42 malls, 59 commercial centers and seven office buildings as foot traffic returns to pre pandemic levels and we anticipate that we will see more in the coming holiday season,” he said.
Vista Land’s capital expenditures totaled P21.2 billion, equivalent to 71% of the P30 billion budget this year.
Of the amount, 70% was allocated to project construction, 28% to land development, and 2% to land acquisition.
The property developer said it has 2,969 hectares of landbank, allowing for growth in provincial areas and Metro Manila.
Vista Land subsidiary VLL International, Inc. previously issued $350 million in senior guaranteed notes due 2029 under a $2-billion medium-term note program, which will be used for refinancing, working capital, investment and other general corporate purposes.
“We are done with the 2029 dollar notes issuance. What we will be looking at next year is a liability management exercise for our dollar notes maturing in 2027,” Mr. Villar said.
Vista Land shares were last traded on Nov. 15 at P1.66 apiece. — Revin Mikhael D. Ochave
