|
LISTED
property developer Vista Land & Lifescapes Inc. reported
a 138-percent jump in net profit last year to P3.47
billion from P1.46 billion a year earlier.
The
growth was propped up by a 37-percent rise in revenues,
which amounted to P8.2 billion from P6 billion in the
same comparable period.
“The
growth in real-estate sales last year was group-wide as
we have seen significant contributions from all our
business units,” said senior vice president for finance
Ricardo Tan Jr.
Vista Land,
whose shares are traded on the stock exchange, is the
holding firm of four business units, namely, Brittany,
Crown Asia, C&P Homes and Communities Philippines.
This
year, the company has allotted a capital expenditure of
P12.7 billion to continuously fund various horizontal
and vertical projects.
The
company remains upbeat on the property sector given the
country’s stable growth in gross domestic product terms,
as well as moderate inflation and low-interest rates.
“Rising
incomes of overseas Filipinos and continued deployment
of Filipinos abroad coupled with a limited supply of
quality housing should allow strong brands such as
Brittany, Crown Asia and Camella to continue to do
well,” Tan said.
He said
Vista Land’s sales take-up from January to February this
year amounted to P3 billion, up 14 percent from the same
period last year.
The
company also took note of other positive signs such as
the rise in foreign investment, new and enhanced
business strategies, and an increase in the number of
tourist arrivals.
“The
influx of tourists will require development of more
hotel and other accommodations to cater to this growing
market,” it said.
Citing
an official data from the tourism department, over 2.5
million tourists arrived in the country from January to
October last year. The government agency is expecting a
15-percent rise in tourist arrivals this year. |
