Vista Land & Lifescapes Inc. said profit in the first quarter of the year reached P3 billion, up 11 percent from last year’s P2.7 billion.
Revenues grew 11 percent to P10 billion from P9.01 billion.
Real estate revenues were recorded at P5.0 billion while rental income amounted to P4.1 billion.
“We look forward to 2024 as we will continue with our asset maximation and optimization strategy via our Vista Estates which now stand at 26 across the country. We remain optimistic with the industry as we continued with our project launches which in turn delivered a 12 percent growth in our reservation sales to P20.8 billion for the quarter,” said Manuel Villar Jr., Vista Land chairman.
Villar said the company also aims to solidify its foothold in the horizontal residential market with launches in several areas, specifically in the provinces.
“Having the widest geographic presence has been one of our strengths and now we have also expanded our offerings to include both horizontal and vertical residential products across the Philippines,” he said.
For the period, the company launched P10.1 billion projects across the country.
Manuel Paolo Villar, Vista Land president, said the company’s results were in line with its asset optimization strategy.
“Both our residential and commercial businesses registered growth for the quarter. We will also continue to maximize our leasable space which is currently at 1.6 million square meters of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and 7 office buildings,” he said.
Villar said Vista Land is looking to spend P30 billion for the year of which 98 percent will be for residential units’ construction and land development.
“Land acquisition as well as investment properties construction will account for the remaining 2 percent of the budget,” he added.
For the first quarter, Vista Land spent P7 billion of the amount.
