Vista Land income down 14% in Q1

Vista Land’s real estate revenue slipped by 13 percent to P6.3 billion in January to March, while its leasing income lost 9 percent year-on-year to P2 billion.

“The company’s leasing business has the advantage of having majority essential tenants, which is the main reason for the better performance of its retail properties,” the company explained in a disclosure.

Vista Land said that it accelerated its digital initiatives to expand the sales and customer service of its residential business.

Vista Land is earmarking P27 billion for its capital expenditure this year, which will be used for construction and land development.

“Land acquisition budget remained muted as the company disclosed that they are looking at maximizing its existing land bank,” Vista Land said.

Meanwhile, Vista Land maintains its optimism to the industry and banks on the growth of overseas Filipino (OF) remittances and the country’s inoculation program.

“We remain optimistic with the industry especially with current growth in OF remittances for two consecutive months that is poised to hit the full year target growth of 4 percent, according to the BSP (Bangko Sentral ng Pilipinas),” Vista Land Chair Manuel Villar Jr. said in the disclosure.

Villar noted that over 50 percent of the company’s sales come from OFs.

“We are also looking forward to the vaccination roll out of the country in relation to the further opening of the economy which will benefit not just our industry but the country as a whole,” Villar continued.

Vista Land had 2,968 hectares of land, as of end March.

Shares of Vista Land lost 8 centavos or 2.25 percent to finish at P3.48 apiece on Monday.

Article and Photo originally posted by Manila Times last May 25, 2021.