Vista Land net profit up 26% to P873M

MANILA, Philippines - Vista Land & Lifescapes, Inc., the property developer owned by the family of Sen. Manuel Villar, reported a higher net income in the first quarter of the year, buoyed by robust sales of housing units to overseas Filipinos.

In a press briefing yesterday, company officials reported that first quarter net income rose 26 percent to P873 million from P694 million in the same period last year.

Vista Land senior vice president for Finance Ricardo Tan, Jr. said sales to OFWs, which account for about 60 percent of total, have remained robust.

 “This is due in large part of the strength of our Camella and Lessandra brands, which dominate the housing market in their respective segments,” Tan said.

In a separate statement to the Philippine Stock Exchange, Vista Land said that with the first quarter earnings, the company is on track to achieve its full year targets for 2011.

“We are off to a strong start this year and we are on track to achieve our full year targets for 2011,” Tan said.

In its statement, Tan said the company has recently launched five subdivision projects - two in Mindanao and three in Luzon.

Capital expenditures, meanwhile, are expected to reach P11.1 billion.

“We are confident about the prospects for our company. Fortunately, we have not seen any negative effects from recent events in the Middle East and Japan. Sales to overseas Filipino workers, which account for about 60 percent of the total, have remained robust,” Tan said.

Vista Land also declared a special dividend for stockholders on record as of June 1, with payment date on June 28.