Vista Land’s market value exceeds US$1B
January 26, 2013 § Leave a comment
VISTA Land & Lifescapes, Inc., the country’s largest homebuilder, recently broke the US$1 billion mark in terms of market capitalization.
The company reported record sales for the first nine months of 2012.
Sales for the 3rd quarter reached over P10.1 billion, bringing the total for the first nine months of the year to P30.1 billion.
In a statement, the company said that it is confident it would meet or even exceed its net income and sales targets for fiscal year 2012.
“I am very confident that we will actually meet or exceed our guidance numbers for earnings this year, and, based on our stock market performance, it seems investors believe so as well,” said Manuel Paolo Villar, chief executive officer of Vista Land.
“I am pleased to report that, in spite of continued market uncertainties in Europe, the strategies we have adopted will allow us to meet our full year sales and revenue targets.”
For the first nine months of the year, Vista Land’s real estate revenues were P12.1 billion while net income was P3.2 billion. The company had stated earlier this year that it was targeting about P4.2 billion in earnings and approximately P40 billion pesos in sales for the full year.
“We are averaging around P10 billion in sales every quarter and we should be able to hit a record P40 billion in sales for 2012,” said Ricardo B. Tan Jr., chief financial officer of Vista Land.
“Most of our sales have been coming from our flagship Camella brand, both in Metro Manila and in the provincial areas. We fully expect to see continued strong sales performance in the coming years as demand for house and lots, particularly in the mid to low end segment of the market, continues to be extremely robust. We launched subdivisions in five new areas for the first nine months, including two in Ilocos Sur, Bohol, Palawan, and Batangas,” he added.
Vista Land has the broadest presence in the Philippines among all the major property developers and has been launching projects in new areas over the last few years.
The company’s consolidated assets as of September 2012 totaled P74 billion compared to P67 billion in September of last year. Capital expenditures for 2012 are expected to reach P15.2 billion.
“I have been and continue to be very optimistic about the outlook for the property sector, and I am confident that Vista Land will continue to be a dominant force in the affordable housing market,” Villar said.
The country’s largest homebuilder, Vista Land is recognized for its themed and master-planned communities that offer quality housing across all market segments. The company has also successfully penetrated the market for vertical developments and has become a trusted name in this field.
Published in the Sun.Star Davao newspaper on November 19, 2012.