MANILA — Property developer Vista Land & Lifescapes Inc. (VLL) expects to sustain its solid growth momentum for the rest of the year on the back of more product launches, after posting a 13-percent growth in net income in the first quarter.
“If we can maintain this pace, I think we will have another good year. Despite the challenges in terms of revenues, income growth, we will probably at least match the performance of last year in terms of growth,” VLL President and Chief Executive Officer Manuel Paolo Villar told reporters Wednesday night.
Villar sees continued growth, particularly in its housing and leasing businesses. The company will introduce to the market some PHP50 billion worth of projects this year to meet increased demand, he added.
Vista Land has an established presence in 141 cities and communities across 47 provinces as of end March 2018 and intends to focus on the development of Communicities.
VLL Chairman Manuel Villar said, “Our positive outlook for the year is due to the continued growth of our housing business in addition to the expansion of our commercial assets on the back of sound Philippine macroeconomic fundamentals.”
The company reported a 13-percent in net income for the first quarter of 2018 to PHP2.6 billion from PHP2.3 billion during the same period last year, driven by the sustained growth momentum of its core residential business and the contribution from its leasing business.
Consolidated revenues for the quarter ended at PHP10.1 billion, 12 percent higher than the PHP9 billion last year. Leasing revenue rose by 14 percent to PHP1.6 billion from PHP1.4 billion.