MANILA -- Property developer Vista Land & Lifescapes, Inc. booked an 11-percent increase in net income in the first semester of 2019, mainly driven by higher earnings from its core housing business and the continued expansion in commercial assets.
In a statement, Vista Land said its profit reached PHP5.8 billion in January to June from PHP5.2 billion in the same period last year.
Consolidated revenues also increased by 11 percent to PHP23.4 billion from PHP21.1 billion, while leasing revenues surged by 17 percent to PHP3.9 billion from PHP3.3 billion.
“We are very pleased with our first semester results which bring us closer to achieving another record year,” Vista Land Chairman Manuel Villar Jr. said.
Villar remained optimistic for the industry given the sustained demand in its residential business and growth of leasing business amid sound Philippine macroeconomic fundamentals and continued infrastructure development around the country.
Manuel Paolo Villar, President and Chief Executive Officer of Vista Land, said “We remain confident about the company’s prospects for the rest of the year as we continue to expand our rental spaces which complements our existing core and stable end-user housing business.”
Vista Land intends to focus on the development of Communicities -- integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components. (PNA)
