Vista Land clears P4.2B in 9 mos

MANILA, Philippines - Vista Land & Lifescapes Inc., the country’s largest homebuilder, posted a double-digit profit growth in the first three quarters of 2014 after reaching record sales during the period.

The property firm of the Villar Group said it booked a net income of P4.2 billion in the January to September period, up 12 percent from P3.79 billion in the same period last year.

 “We are averaging almost P13 billion in sales every quarter and we should be able to hit a record P51 billion in sales for 2014,” said Vista Land chairman and former Senate President Manuel B. Villar Jr.

Villar said bulk of the company’s sales have been coming from its core product which is housing located 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 robust,” he said.

Vista Land’s real estate revenues rose 13 percent in the first nine months of the year to P16.68 billion from P14.83 billion a year ago.

For the third quarter alone, the property firm’s sales grew 7.5 percent year-on-year to P12.8 billion.

 “We’re on our way to achieving our targets this year. I am very confident that we will meet our guidance numbers for sales, revenues and earnings this year,” said Manuel Paolo Villar, president and chief executive officer of Vista Land.

Vista Land is eyeing a 12 percent year-on-year growth in profit this year after its net income rose 15 percent to a record P5.06 billion in 2013.

 “I am pleased to report that the strategies in the housing market that we have adopted will allow us to meet our full year targets. I have been and continue to be optimistic about the outlook for the housing sector. I am confident that Vista Land will continue to be a dominant force in the housing market,” the younger Villar said.

As of the first nine months of the year, Vista Land has already launched 35 projects with a total value of about P21 billion.

Next year, the firm is anticipating an even more robust growth with more projects up for launch.

 “We’re expecting more momentum next year as we plan to do substantial launching in the first half.  We should have record sales in reservation sales next year. We don’t have a guidance at present but it should increase,” Paolo Villar said.