Vista Land profit up 12%

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    Vista Land & Lifescapes Inc. said profit for the first nine months of the year reached P9.1 billion, up 12 percent from P8.1 billion a year ago.

    Revenues amounted to P34.4 billion, up 9 percent from P31.4 billion last year.

    “Leasing revenues for the period increased by 13 percent to P5.8 billion from P5.1 billion in the prior year period,” the company said.

    “We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” said Manuel Villar Jr., Vista Land chairman.

    Villar in a statement said Vista Land’s reservations sales hit P61.6 billion, up 8 percent, of which majority remains overseas Filipinos and over 90 percent end-users.

    “As what we have said in the past two quarters, we remain bullish for the industry, given the sustained demand for our housing products as well as our success in our leasing business propelled by the steady growth in the disposable income, Overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, where we have a competitive advantage given that we have the widest geographic reach around the country,” he said.

    Vista Land closed the period with assets of P268.0 billion, up from P238.3 billion in end-2018.