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News Top Stories Vista Land profit falls 26% to P1.5 B
News Top Stories Vista Land profit falls 26% to P1.5 B
| Vista Land profit falls 26% to P1.5 B |
| Wednesday, 13 August 2008 20:01 | ||||||
 Vista Land & Lifescapes, Inc., the country’s largest homebuilder, reported a 25.5 percent drop in consolidated net income in the first half of 2008 to P1.54 billion from P2.06 billion in the same period last year on account of one time gains recorded in 2007.In a press briefing yesterday, Vista Land senior vice president for finance Ricardo Tan, Jr. said the firm earned a non-recurring gain of P1.44 billion in the first half last year as a result of subsidiary C&P Homes’ restructuring of its foreign currency denominated floating rate notes. Without this item, Vista posted a consolidated core net income of P1.61 billion for the first semester of 2008, up by 73.2 percent compared to the P0.93 billion registered in the same period last year. Vista Land said it posted revenue from real estate sales of P5.27 billion in the first half of 2008, a 28.2 percent increase from the P4.11 billion in the first half of 2007. "We were able to achieve strong revenue and earnings growth by continuing to exploit our strength in the low and middle income segments of the residential market and we are on track to meet our full year targets," said Tan. He added they "have been able to sustain gross profit margin at the 50 percent level." A total of 21 new projects with an estimated value of P14 billion were launched by Vista Land in the first half of 2008. "We continue to experience strong demand for our products from Overseas Filipinos. Vista Land boasts the widest geographic presence in the country among all major property developers and the Camella brand is the recognized leader in its market segment," Tan said. He noted that "with our sales take-up continuing to increase, and with the demand for housing remaining stable, the outlook is positive for the second half of the year." Vista Land has so far spent P5.1 billion out of the P10.5 billion capital expenditures budget for 2008. The company reported a total land bank as of June 30, 2008 of 1,743.6 hectares, 82 percent of which is located in the Mega Manila area.. Vista Land, the country’s largest homebuilder, is the holding company of four business units, Brittany, Crown Asia, C&P Homes and Communities Philippines.
Tags: Vista Land & Lifescapes Inc. homebuilder consolidated net income Philippine Real estate Ricardo Tan Jr.
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