Vista Land reports real estate revenues of P8.2B from Jan-Sept PDF Print E-mail
Thursday, 11 November 2010 11:01

Property developer and homebuilder Vista Land and Lifescapes announced that it has posted real estate revenues amounting to P8.2 billion for the first nine months of 2010.

In its disclosure to the Philippine Stock Exchange, the property developer also reported posting P2.16 billion for its core net income.

It earlier targeted about P2.8 billion in earnings and P20 billion in sales for the full year.

“Our sales of real estate projects for the third quarter hit a record level of P5.17 billion, reinforcing the general consensus that consumer confidence remains strong,” Vista Land senior vice president for finance Ricardo B. Tan, Jr.

“Sales for the first nine-months hit P15.36 billion, we expect to see continued strong sales performance in the fourth quarter as we have launched more projects over the last few months. We should comfortably exceed our sales target for the year by just repeating our third quarter performance,” he added.

Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.

The company’s consolidated assets as of September 2010 totaled P56.3 billion compared to P54.6 billion in September of last year.

“We successfully launched 30 projects for the nine months of 2010 mostly in the areas outside Mega Manila area -valued at about P19 billion,” Tan added.

“The property sector continues to gain momentum and we believe that industry growth will be sustained over the next few years,” he pointed out.

Capital expenditures for 2010 are expected to reach P10.2 billion.

“We remain optimistic about the outlook for the property sector in general and are confident that will continue to be a dominant force in the affordable housing market where demand has been stable,” Tan said.