Vista Land revenue down 14% in Q1
Listed Vista Land and Lifescapes Inc. posted a 14% lower profit of P2.1 billion in the first quarter compared to P2.4 billion in the same period last year.
In a stock exchange filing on Monday, the real estate company run by Villar also reported a decline in consolidated revenue of 8.7 billion pesos from 9.9 billion year-on-year.
Vista Land’s real estate income slipped 13% to 6.3 billion pesos between January and March, while its rental income fell 9% year-on-year to P2 billion.
“The rental business of the company has the advantage of having the majority of core tenants, which is the main reason for the better performance of its commercial properties,” the company said in a statement.
Vista Land said it has accelerated its digital initiatives to grow sales and customer service for its residential business.
Vista Land is devoting 27 billion pesos this year to its capital expenditures, which will be used for construction and land use planning.
“The land acquisition budget has remained moderate as the company has revealed that it seeks to maximize its existing land reserve,” said Vista Land.
Meanwhile, Vista Land remains optimistic about the industry and is banking on the growth of Filipino Overseas (OF) remittances and the country’s immunization program.
“We remain optimistic with the industry, particularly with the current growth in OF remittances for two consecutive months, which is on track to meet the 4% annual growth target, according to the BSP (Bangko Sentral ng Pilipinas ) “,” Manuel Villar Jr. Said in the disclosure.
Villar noted that more than 50 percent of the company’s sales come from OFs.
“We also look forward to the deployment of vaccination outside the country in connection with the further opening of the economy which will benefit not only our industry but the country as a whole,” continued Mr. Villar.
Vista Land had 2,968 hectares of land at the end of March.
Vista Land shares lost 8 centavos or 2.25% to end at P3.48 each on Monday.