Vista Land & Lifescapes Inc. said its nine-month profit went down 39 percent to P5.5 billion from P9.02 billion a year ago, while revenues fell by 25 percent to P25.7 billion from last year’s P34.26 billion.
While it continues to reel from the impact of the coronavirus pandemic, the company noted an improvement between its second and third quarter performance in terms of reservation sales as the government eases quarantine restrictions.
“This pandemic continues to impact our performance, both on our leasing and residential businesses. However, as mentioned before, we are glad to have seen encouraging signs of recovery when the economy started to reopen last June. The upward trend of our reservation sales were sustained, registering a 35 percent jump from the previous quarter.
We are also happy to have witnessed the resiliency of the real estate sector through the sustained demand for residential market especially for the house & lot products in the provincial areas,” said Manuel Villar Jr., Vista Land chairman.
For the first nine months of 2020, over 80 percent of the company’s sales revenue came from its residential products outside Metro Manila, while the operational gross floor area (GFA) of the leasing business increased to about 95 percent as government-imposed restrictions started to ease, Villar added.
Manuel Paolo Villar, Vista Land president, said the company is looking at the possibility of doing a real estate investments trust with its 1.5 million square meters GFA leasing portfolio, of which 15 percent comprises business process outsourcing office space and the rest is malls.