Vista Land nets 9.1B in 2017
Vista Land & Lifescapes Inc., the holding company of the family of former Sen. Manuel Villar, reported a 12 percent rise in profit to P9.1 billion on strong leasing income and steady growth of its core housing business.
Consolidated revenues went up 13 percent to P36 billion, of which P27.6 billion came from real estate or an increase of 10 percent.
Leasing income grew 29 percent to P6 billion.
Vista Land president and CEO Manuel Paolo Villar said 2017 was a record year for the company in terms of project launches.
?We launched 55 projects with an estimated value of P60.2 billion during the year, the highest value we have ever achieved in terms of project launches. We continued with our strategy of opening in new areas aggressively. We are now present in 133 cities and municipalities and we move closer to our target of having a presence in 200 cities and municipalities in the near future,” he said.
He said the leasing business now represents 28 percent of EBITDA and 24 percent of thr group’s total net income.
“This will continue to grow as we continue the expansion of our investment properties to hit 1.4 million square meters of GFA this year,? he added.