Vista Land and Lifescapes Inc., the property development arm of the Villar group, said its income in the first half rose 83 percent to P5.8 billion from last year’s adjusted P3.17 billion.
The company also recognized gains from insurance proceeds amounting to P1.8 billion. Core net income, excluding the insurance proceeds, totaled P4.2 billion for the period.
It reported consolidated revenue of P18.35 billion during the period, up 8 percent from P16.95 billion.
Real estate revenue amounted to P8 billion while rental income totaled P7.9 billion in the six-months ending in June.
Vista Land improved its gross margin by over 300 basis points to 59 percent.
“We have been launching more projects this year compared to last year. These launches form part of our huge project pipeline. It’s also a big factor in our reservation sales performance which generated P35.6 billion in the 1st semester which is 12 percent higher than last year. Our overall strategy remains in maximizing our land to its best use,” Manuel B. Villar Jr, company chairman, said.
Vista Land launched P24.3 billion worth of projects across the country during the period.
Its land bank 3,085 hectares spread across the country.
Total assets stood at P335.4 billion as of end June and equity of P129.3 billion. Net debt to equity is at 84 percent, the company said.
Capital expenditure total P12.2 billion, mainly for construction and land development.
Land acquisition remains muted as it maximizes its existing land bank.
