VISTA LAND & Lifescapes, Inc. (VLL) reported a 10% increase in profits last year, as it saw higher demand for its commercial assets.
In a statement, the Villar-led property developer said its net income grew to P11.6 billion from P10.5 billion. Consolidated revenues were 7% higher at P44.4 billion.
Leasing income expanded by 20% to P8.5 billion, while contributions from real estate also climbed 3% to P32.8 billion.
“We are pleased with the company’s 2019 performance as both our leasing and residential businesses provided steady growth,” Vista Land Chairman Manuel B. Villar, Jr. said in the statement.
Vista Land currently has about 1.5 million square meters of investment properties. It launched an estimated P38.5-billion worth of projects last year, composed of affordable housing and mid-rise buildings, mostly outside Metro Manila.
As the world faces the coronavirus disease 2019 (COVID-19) pandemic this year, Vista Land President and CEO Manuel Paolo A. Villar said the company will optimize its existing portfolio of investment properties and its current land bank of about 3,000 hectares.
“We saw that demand for affordable housing persists and homebuyers, most of which are end users, remain committed to completing payments,” he said.
The company said it will focus on building integrated urban developments that combine lifestyle retail, office space, university, healthcare, residential developments and leisure.
Shares in Vista Land at the stock exchange shed 15 centavos or 4.41% to P3.25 each on Friday. — Denise A. Valdez