Vista Land reports P2.1-billion profit in first quarter

Vista Land & Lifescapes Inc., the property development company controlled by the Villar family, reported a net income of P2.1 billion in the first quarter, although this was lower by 14 percent compared to the same period last year.

In a report to the Philippine Stock Exchange, Vista Land said revenues amounted to P8.7 billion from January to March, with real estate revenues accounting for P6.3 billion of the total.

“We continue to navigate through these still challenging times brought about by the pandemic but with a more optimistic outlook this year especially as the vaccination rollout ramps up. In addition, indicators such as Overseas Filipinos (OF) demand remains to be resilient with an upward trend as the host countries of our OFs are on their way to achieving herd immunity,” said Vista Land Chairman Manuel B. Villar, Jr.

“The projected growth of OF remittances this year also bodes well for the Company since approximately 55 percent to 60 percent of our sales are OF sales,” he said.

Vista Land continues to recover from the impact of the pandemic as first quarter reservation sales reached P16.1 billion, up four percent from a same period a year ago.

Vista Land president and CEO Manuel Paolo A. Villar said the company will maintain its stance on minimal land acquisition to enable it to maximise its existing land bank.

Likewise, the company will be conservative in terms of its leasing space expansion program.      “However, the company has the capacity to fast track construction and to launch projects when opportunities present themselves,” Villar said.

Vista Land will also continue to be proactive in its liability management policy and will also be  looking at doing a Real Estate Investment Trust (REIT) for its office space.

In terms of addressing the COVID-19 pandemic, the company together with the rest of the Villar Group is set to vaccinate its workforce across the Philippines.

It has recently rolled out VHealthy, the group-wide vaccination initiative for its employees. The Group has ordered vaccines from Moderna and Oxford-Astra Zeneca for its existing workforce.