Vista Land ups revenues by 12% to P5.4B in Q1-A A +A
Friday, May 16, 2014
VISTA LAND & Lifescapes, Inc., the country's largest homebuilder, reported the company's revenues for the first quarter of this year rose by 12 percent to P5.4 billion from P4.9 billion during the same period last year.
Net income, on the other hand, increased by 11 percent to P1.5 billion for the first quarter of this year compared to the P1.3 billion realized during the comparable period last year.
"2014 promises to be another record year for Vista Land. We are pleased to have been able to sustain the double digit growth achieved over the past years and should have no problem achieving our full year targets." Vista Land chair Manuel B. Villar.
"Our first quarter reservation sales are close to P13 billion pesos, which confirms our reading that demand for housing all around the country continues to be very strong." he added.
The company's total consolidated assets as of March 2013 totaled P86.8 billion compared to P84.5 billion in December of last year.
Manuel Paolo Villar, president and CEO of Vista Land, stated: "We launched 13 major subdivision projects during the quarter, 12 of which are in the low and affordable segment. These projects have an aggregate value of about P8 billion. Outside of Metro Manila, we opened projects in Bulacan, Agusandel Norte, Palawan, Tarlac, Bataan, Bacolod, Cebu, Batangas and General Santos City."
He said capital expenditures for 2014 are expected to reach over P20 billion.
"I remain extremely confident about the prospects for our company. In addition to our expansion in the provinces, we have continued to move forward with our plans for the various commercial centers within our existing development,” Villar said.
The company recently raised dollar notes and peso bonds to fund its capital expenditure program as well as refinance some of its maturing debt.
Vista Land earlier reported that it raised $225 million to partly fund capital expenditures for the year and partly refinance its dollar bond maturing in 2015 via tender offer. The company also successfully raised P5 billion from its maiden domestic retail bond offering.
Vista Land is recognized for its themed and master-planned communities and its brands namely, Camella, Crown Asia, Brittany and Vista Residences, that offer quality housing across all market segments.
Published in the Sun.Star Davao newspaper on May 16, 2014.