Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, posted a 16 percent improvement in net income to P2.7 billion for the first quarter of 2023.
In a disclosure to the Philippine Stock Exchange, the firm said it launched a total of P10.4 billion worth of projects across the country during the first quarter this year.
“We are pleased with our performance for the first quarter of the year due to our efficiencies and higher margin for the period. Our project pipeline has been robust coming from last year’s P40.4 billion project launch and another P10.4 billion for the first quarter of 2023,” said Vista Land Chairman Manuel B. Villar Jr.
He noted that, “We are looking at launching more projects this year as we have seen sustained growth from our Overseas Filipino as well as domestic buyers which brought about the 11 percent increase in reservations sales to P18.6 billion for the quarter.”
“We will continue with our strategy of maximizing our lands potential and announce more offerings in the upscale, vertical and commercial projects this year,” Villar added.
Vista Land reported a consolidated revenue of P9.2 billion for the period which is up 8 percent from the same period last year. Real estate revenue was at 4.5 billion while rental income amounted to P3.6 billion for the period.
Residential gross profit was at P2.6 billion while EBITDA posted an 8 percent increase to P4.8 billion. Vista Land sustained improvements in its residential gross margin of about 400 basis points to 59 percent due to price increases implemented and cost efficiencies realized for the period.
“We have seen improvements in our residential business while our leasing business sustained its growth momentum for the period, said Vista Land President and CEO Manuel Paolo A. Villar.
He added that, “We ended the quarter with over 1.6 million square meters of gross floor area of commercial developments consisting of 45 malls, 56 commercial centers and seven office buildings. We continue to see footfall improvement as people are returning to malls and commercial centers.”
“In terms of our residential business, we will continue to launch more upscale and vertical developments this year combined with commercial developments with our master planned communities to maximize the use of our prime land. We have a land bank of 2,888.5 hectares as of end March and with our new product mix it will be at least 27 years of development,” the Chief Executive noted.
Total assets stood at P323.8 billion as of end March 2023 while equity was at 126.5 billion. Net debt to equity at the end of the 1st quarter stood at 79 percent which an improvement from 82% end of December.
Capital expenditures for the year are set at P28.0 billion while P5.5 billion was spent in the first quarter of 2023 mainly for construction and land development.
Land acquisitions remained muted as the company disclosed that they are looking at maximizing their existing land bank.
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The article was originally published in Manila Bulletin and written by James A. Loyola
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