ABS-CBNnews.com | 11/15/2012 12:14 PM
MANILA, Philippines - Vista Land and Lifescapes Inc. reported record sales for the first 9 months of the year, helping the property developer boost its net income to P3.2 billion.
The company, which is controlled by the family of Senator Manuel B. Villar, said sales in the third quarter hit over P10.1 billion, which brought its 9-month sales to P30.1 billion.
"I am very confident that we will actually meet or exceed our guidance numbers for earnings this year, and, based on our stock market performance, it seems investors believe so as well... In spite of continued market uncertainties in Europe, the strategies we have adopted will allow us to meet our full year sales and revenue targets," said Manuel Paolo Villar, Chief Executive Officer of Vista Land.
Real estate revenues of Vista Land reached P12.1 billion during the January to September period. The company is targeting P4.2 billion in earnings and P40 billion in sales for 2012.
Ricardo B. Tan, Jr., Vista Land chief financial officer, said the company is averaging P10 billion sales every quarter and on track to hit its full-year target.
"Most of our sales have been coming from our flagship Camella brand, both in Metro Manila and in the provincial areas. We fully expect to see continued strong sales performance in the coming years as demand for house and lots, particularly in the mid to low end segment of the market, continues to be extremely robust. We launched subdivisions in five new areas for the first nine months, including two in Ilocos Sur, Bohol, Palawan, and Batangas," Tan said.
As of September 2012, the company's consolidated assets reached P74 billion compared to P67 billion in September of last year. Capital expenditures for the year are expected to reach P15.2 billion.
"I have been and continue to be very optimistic about the outlook for the property sector, and I am confident that Vista Land will continue to be a dominant force in the affordable housing market," Villar said.
Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.