Vista Land and Lifescapes Inc., the Villar-led property developer, said its income in January to September rose 9 percent to P5.98 billion from last year’s P5.5 billion.
Revenues, however, fell 7 percent to P23.68 billion from last year’s P25.66 billion.
The company reported real estate revenues of P14.5 billion, down 20 percent due to slower construction activities in the provincial areas where various levels of lockdown were implemented during the period.
“We remain optimistic with the industry especially with the sustained increase in overseas Filipino [OF] remittances which are currently at about 6 percent at the end of August. Demand from OFs remained strong, which contributed to the growth in our reservation sales to P43.9 billion for the period,” said Vista Land Chairman Manuel B. Villar Jr.
“With the holiday season coming up and the relaxation of the mobility restrictions across the country, we are excited to welcome more customers to our commercial centers.”
The company said its leasing business has performed well amid the pandemic through its community-based malls with tenants that are majority essential services.
Leasing income rose 25 percent to P6.2 billion. The company’s newly opened commercial centers, where the majority of the tenants are essential, such as home store and supermarket, contributed to the topline growth.
“We are continually working on more initiatives as well as developing sustainable programs all aimed at providing better service to our clients and also expanding our reach,” Manuel Paolo A. Villar, the company’s president and CEO said.
“The pandemic accelerated the digital transformation of the company and created a landscape that encouraged innovation and creativity to remain competitive in the new economic environment, including the spearheading of the two biggest virtual expositions in the country.”
Total assets stood at P306.7 billion as of end-September.
Capital expenditure for the nine months of the year reached P18.4 billion mainly for construction and land development. Land acquisitions remained muted as the company said it is looking at maximizing its existing land bank. The company had 2,937 hectares of land as of end-September.
A total of P7.2 billion worth of projects were launched during the period, comprising one high end project, five affordable projects and two mid-rise buildings.
Vista Land said in July that it is optimistic about its performance for the remainder of 2021 due to strong remittances from overseas Filipino workers, who comprise more than half of its buyers.
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