Vista Land's core net income up 11% in 2024

Property developer Vista Land & Lifescapes Inc. said its core net income rose 11% to P9.36 billion in 2024 from P8.45 billion in the previous year, driven by higher revenues from property sales.

Consolidated revenues increased by 5% to P36.96 billion from P35.16 billion.

Real estate sales revenue grew by 9% to P16.63 billion, boosted by a higher completion rate of sold properties across some business units and the recognition of a significant financing component.

Rental income increased by 4% to P16.61 billion due to higher rental rates.

Revenue from parking, hotel, mall administrative and processing fees, and other income declined by 20% to P1.69 billion, following lower forfeitures.

Interest income rose by 12% to P2.03 billion amid higher returns from investments.

Operating expenses fell by 8% to P10.69 billion, mainly due to reduced provisions for impairment losses and lower repairs and maintenance costs.

As of end-2024, the company’s total assets rose by 11% to P380.51 billion, while total liabilities increased by 16% to P243.22 billion, following higher accounts and other payables, and the recognition of deferred tax liabilities.

The value of real estate inventories fell by 9% to P58.16 billion due to project launches in the previous year and the reversal of capitalized interest.

Vista Land’s offshore subsidiary, VLL International Inc. (VLLI), secured a $150 million syndicated term loan facility from Sumitomo Mitsui Banking Corp., with an interest rate of 6.40509% per annum.

Proceeds from the facility will be used to finance, refinance, or reimburse working capital and general corporate purposes of the Vista Land Group.

VLLI’s obligations under the loan are guaranteed by Vista Land and its subsidiaries, including Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vistamalls Inc. and Vista Residences Inc.