Villar-owned Vista Land & Lifescapes Inc. reported a third quarter net income of P2 billion, a notch above the P1.9 billion recorded a year ago, bringing nine-month net income to P6 billion or up nine percent.
Vista Land chairman Manuel B. Villar Jr. said the company remains optimistic on the prospects for recovery.
“We remain optimistic with the industry especially with the sustained increase in the Overseas Filipino remittances which are currently at about six percent at the end of August. Demand from OFs remained strong,” he said.
Villar said this contributed to the growth in the company’s reservation sales to P43.9 billion for the nine-month period.
Moving forward, he believes that the holiday season would further boost economic activities as quarantines ease.
“With the holiday season coming up and the relaxation of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers,” Villar said.
Nine month revenue reached P23.7 billion from P25.7 billion a year ago, down 7.7 percent.
In terms of revenue sources, Vista Land reported real estate revenues of P14.5 billion, down 20 percent due to the slower construction activities in the provincial areas where various levels of lockdown were implemented during the period.
On the other hand, leasing income increased 25 percent to P6.2 billion.
The company’s newly opened commercial centers, where the majority of the tenants are essential such as home stores and supermarkets, contributed to the top line growth.
“We are continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach,” said Manuel Paolo Villar, president and CEO of Vista Land.
The pandemic accelerated the digital transformation of the Vista Land and created a landscape that encouraged innovation and creativity to remain competitive in the new economic environment.
Capital expenditure for the nine-month period reached P18.4 billion.