Vista Land & Lifescapes Inc., the property arm of the Villar Group, said Tuesday net income in the first nine months jumped 12 percent to P6.68 billion from P5.98 billion in the same period last year.
Nine-month revenues, however, declined by 5.1 percent to P21.2 billion from P22.4 billion as the lower real estate sales offset the higher rental income, the company said in a disclosure to the stock exchange.
Real estate sales dropped 26 percent in the nine-month period to P10.7 billion from P14.4 billion, while rental income rose 32 percent to P8.2 billion.
Vista Land attributed the decline in real estate revenues to lower completion rate of sold inventories of business units specifically in the affordable segment.
Reservation sales increased by 10 percent to P48 billion. Overseas Filipinos accounted for 60 percent of Vista Land’s reservation sales as they took advantage of the higher peso for their dollars.
“We remain optimistic with the industry with the strong GDP growth recently announced coupled with sustained overseas Filipino remittance and revenge spending from consumers,” Vista Land chairman Manuel Villar Jr. said.
Villar said the company recently identified over 60 mixed-use estate developments that could be launched over the near to medium terms.
“So far, we have launched six Vista Estates, and this is just the beginning. We will be announcing more in the coming months. Our aim is to maximize our existing land to its best use.” Villar said.
Third-quarter net income went up by 12 percent to P2.4 billion even as revenues dropped 65 percent to P5.8 billion from P16.58 billion.
Vista Land president and chief executive Manuel Paolo Villar said the company’s leasing business sustained its growth momentum given the return to “normalcy” and the so-called revenge spending.
Villar said footfall across Vista Land malls improved and even exceeded pre-pandemic levels during weekends and holidays.
Vista Land has 1.6 million square meters of gross floor area of commercial developments, consisting of 45 malls, 56 commercial centers and seven office buildings.