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| Prototype residential housing system (Photo credit: Wikipedia) |
Vista Land & Lifescapes Inc., the country’s largest homebuilder, posted net earnings of P3.23 billion in the first nine months, up 24 percent from the same period in 2011, on record sales.
In a briefing yesterday, Vista Land officials said real estate revenues grew 23 percent to P12.15 billion as reservation sales hit an all-time high of P30.1 billion on robust demand for its products, particularly in the low-cost and affordable housing segment.
Manuel Paolo Villar, chief executive officer of Vista Land, said the company is on track to meet or even surpass its P4.2-billion income target this year, driven by a buoyant property market amid record low interest rates.
“We haven’t seen any signs of slowdown. There may be some fears of slowdown in some sectors but definitely our main business, which is house and lots, is less cyclical. I have been and continue to be very optimistic about the outlook for the property sector and I am confident that Vista Land will continue to be a dominant force in the affordable housing market,” he said.
Villar pointed out that the Camella brand remains the leader in the affordable house and lot segment and has a strong competitive advantage given its track record spanning more than 30 years.
He also noted that the company’s share price has already risen 78.95 percent so far this year, reflecting investors’ strong confidence in Vista Land and its projects.
“Based on our stock market performance, it seems investors are seeing value in the company. People now see how solid our market is. We’re getting more coverage now. We’ve done considerable discussions with foreign investors to enhance Vista Land’s profile. We’re increasingly getting attention from a lot of investors,” Villar said.
Villar likewise attributed the company’s strong market performance to government’s hardline efforts to pump up infrastructure spending in the country.
Vista Land’s market capitalization now stands at P42.86 billion or more than $1 billion.
http://www.philstar.com/business/2012/11/16/867255/vista-land-profit-soars-24-p323b-9-mos
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