VISTA LAND POSTS 14% HIKE IN 2015 PROFIT

Vista Land & Lifescapes Inc. reported a banner year in 2015 with net earnings growing 14% to P7.2 billion.

In a briefing yesterday, Vista Land officials said revenues rose to a record P28.7 billion or an increase of 12% year-on-year. Vista Land Chairman Manuel Villar Jr. Is optimistic the company will sustain its upward trajectory, noting its stable platform.

Manuel Paolo Villar, president and CEO of Vista Land, said the company completed the acquisition of 88.34% of Starmalls following the end of its tender offer last month.

Vista Land alone posted a net income of P6.3 billion, 10% higher than the previous year. Starmalls, on the other hand, booked a P904 million profit, up to 57% from 2014.

Total consolidated assets reached P152.9 billion as of the end of 2015.

The younger Villar said the company’s strategy in the residential sector is paying off and the recent acquisition of Starmalls adds stability to existing operations.

“As we integrate both platforms, the complementary nature of residential and commercial developments will enable us to achieve higher selling prices, increased sales velocity and higher retail rental rates from our improved integrated product offering as well as lower land acquisition and infrastructure costs,” Villar said.

Vista Land is the holding company of five residential business units, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.

Vista Land has identified about 100 areas or over 600 hectares of land from its existing community development projects.

At present, Vista Land is in 95 cities and municipalities across 36 provinces. It intends to focus on the development of Communicities, an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components.