Vista Land H1 ’14 net income up 12% to P2.8B yoy

By Joann Santiago

MANILA, Aug 14 (PNA) — Strong sales in the first half of the year resulted to the same trend for Vista Land’s net income in the first half of 2014 to P2.8 billion, 12 percent up from year-ago’s P2.5 billion.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the Villar-led property developer said sales grew by 10 percent to P25.9 billion.

This enabled the company to increase revenues by 14 percent to P11 billion from P9.7 billion in end-June 2013.

Vista Land Chairman Manuel B. Villar said they “continue to remain firmly on a solid growth path.”

He explained that demand for housing, particularly in the affordable price segment remains strong.

“There is no oversupply in housing and our plans to expand countrywide remain unchanged,.” he said.

Vista Land currently has housing developments in 34 provinces and 74 cities and municipalities in the country.

It has four community housing projects namely Brittany, Crown Asia, Camella Homes, and Communities Philippines and a condominium development subsidiary, Vista Residences.

”Our continued expansion in the provincial areas has solidified Vista Land’s dominant position in housing in the Philippines,” he said.

As of end-June 2014, the company’s total consolidated assets reached P97.8 billion while capital expenditures fr the year is projected to hit P21.6 billion.

Relatively, Vista Land President and chief executive officer (CEO) Manuel Paolo Villar said the successful issuance of the company’s retail bond amounting to P5 billion and the refinancing of dollar-denominated notes amounting USD 225 million helped Vista Land is a plus factor for the country.

”I believe this reflects the inatitutional banking as well as retail investor community’s increased confidence in Vista Land,” he added. (PNA)