INTEGRATED property developer Vista Land & Lifescapes Inc. (VLL) reported an 11-percent spike of its first-half net income to P6.4 billion.
“We are pleased with our performance in the first semester of 2024, as we have maintained our growth trajectory. We are committed to continuing our strategy of asset maximization and optimization through Vista Estates, which now encompasses 26 locations nationwide,” VLL Chairman Manuel Villar Jr. said in a statement.
The homebuilder’s consolidated revenues rose 8 percent to P19.9 billion, with real estate earnings hitting P9.6 billion and rental income reaching P8.5 billion.
VLL’s real estate revenue rose 20 percent from P8 billion in 2023 due to the overall completion rate of sold inventories from its business units.
Crown Asia, for one, earned P539 million for its upper-middle-income residences, a 71-percent jump from last year’s P314 million.
Vista Residences’ vertical projects netted P2.66 billion, while Brittany’s upscale homes sold P908 million.
For its affordable housing, Communities Philippines made P3.51 billion, while Camella’s low-cost residences sold P2 billion, 11-percent less from P2.26 billion in 2023.
VLL’s rental earnings, meanwhile, grew 7 percent to P8.47 billion from P7.92 billion, while interest income dropped 25 percent to P220 million due to a decline in the number of buyers availing of in-house financing.
Other revenue sources, such as parking, hotel, mall administrative and processing fees shrank to P610 million from last year’s P1.25 billion.
Increased project launches
“This year’s increased project launches contribute significantly to our extensive project pipeline and have positively impacted our reservation sales, which totaled P39.2 billion for the first semester — a 10-percent increase compared to the same period last year,” Villar said.
In July, VLL raised $350 million (P20 billion) from a note issuance to refinance its dollar bond that will mature in November to eliminate refinancing risk for the year.
Last week, VLL secured an approval from the Securities and Exchange Commission to offer the public P5 billion worth of preferred shares. The offer period runs August 20 to September 4, while the listing to the main board of the Philippine Stock Exchange is scheduled on September 13.
VLL has a presence in 147 cities and municipalities across 49 provinces nationwide, with extensive properties of about 2,969 hectares.
The company said that it has “zero” exposure to Philippine Offshore Gaming Operators in its residential and office properties.
Shares of VLL on Friday slipped 2 centavos, or 1.38 percent, to P1.43 apiece.
Be the first to comment