Vista Land & Lifescapes, Inc reports core net income of P2.6B for 2009
Property developer Vista Land & Lifescapes, Inc., in its disclosure to the Philippine Stock Exchange, reported that its audited financial core net income for 2009 amounted to P2.6 billion.
It also reported that its recorded revenue from real estate sales of P9.6 billion in 2009.
“2009, as expected, was a tough year, but in spite of a very challenging market environment, we were able to achieve our financial targets. The company’s strategy was to continue to focus on the affordable and low-end market segments, resulting in particularly strong growth from Camella Homes and Communities Philippines,” Vista Land senior vice president for finance Ricardo B. Tan, Jr. said.
Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.
The company’s total consolidated assets as of year-end 2009 totaled P55.1 billion compared to the 2008 year-end level of P52.7 billion.
Tan reported that the company expects a stronger performance in 2010.
“Confidence appears to have returned and is growing, and concerns of a global depression have all but disappeared,” he added.
“Given the strength in market demand for housing, we plan to be more aggressive in our project launches this year,” Tan pointed out.
Vista Land’s planned capital expenditure outlay is projected at about P10.2 billion for 2010, more than 25 percent increase from the P8 billion of last year.
“We launched 23 new projects in 2009 – valued at about P20.5 billion,” said Tan.
“Thirty projects are in the pipeline for this year which are expected to generate over P30 billion in revenues,” he added.
In addition, in the fourth quarter of 2009, Vista Land consolidated all their condominium developments under a newly-formed subsidiary, Vista Residences.
Vista Residences has a portfolio of 11 condominium projects in Metro Manila, including KL Mosaic in Legaspi village Makati, The Gallery in Salcedo Village and WilTower in Quezon City, among others.
“2010 promises to be a much better year than last year and our company is poised to take advantage of renewed growth in the property sector. With a strategically located land bank of 1,750 hectares nationwide, Vista Land is very optimistic about the company’s prospects,” Tan said.
“The strength and popularity of our Camella brand, which has become even more popular following a very successful and comprehensive marketing campaign, should permit Vista Land to continue to dominate the affordable and low cost segment of the market,” he explained.
The country’s largest homebuilder with the widest geographic reach, Vista Land is recognized for its themed and masterplanned communities that offer quality housing across all market segments.
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