Home Economy Vista Land net income down 39% in Jan-Sep

Vista Land net income down 39% in Jan-Sep

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Credit: Read the original article from Manila Times.

VILLAR-LED Vista Land and Lifescapes Inc. saw its consolidated net income slump by 39 percent to P5.5 billion in the first nine months of the year as the coronavirus disease 2019 (Covid-19) pandemic continued to affect its operations.

The property developer’s consolidated revenues likewise dropped 25 percent to P25.7 billion during the period.

Despite the double-digit dips, Vista Land in a disclosure said it recorded improvement between its second and third quarter performance in terms of reservation sales amid eased Covid-19 quarantine restrictions.

Reservation sales of the company rose by 35 percent quarter-on-quarter during the third quarter.

“This pandemic continues to impact our performance, both on our leasing and residential businesses. However, as mentioned before, we are glad to have seen encouraging signs of recovery when the economy started to reopen last June,” Vista Land Chairman Manuel Villar Jr. said in the disclosure.

He added that Vista Land also recorded a sustained demand for residential products outside Metro Manila as it contributed over 80 percent of the company’s sales revenue.

The operational gross floor area (GFA) of Vista Land’s leasing business also increased by around 95 percent as quarantine restrictions were eased.

Vista Land President and Chief Executive Officer Manuel Paolo Villar said the firm launched five residential projects worth P5 billion in the first nine months of the year and is looking to launch more towards year end.

Villar added that they are “seriously” looking into the possibility of listing their own real estate investment trust with their 1.5 million-square meter GFA leasing portfolio.

Shares of Vista Land inched up by 4 centavos or 1.06 percent to P3.82 each on Monday.

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