Bilyonaryo - Business

Manny Villar’s Vista Land sustain growth in Q1 with profit rising 11%

Vista Land & Lifescapes Inc. grew its net income by 11 percent to ₱2.2 billion in the first quarter on higher interest income and successful cost containment strategies.
The company registered P8.06 billion in revenues, down 7.7 percent from the previous year. Revenues from real estate operations declined by 23.2 percent to P4.8 billion, largely due to the decrease in the overall completion rate of sold inventories as a result of the surge in Covid-19 cases that slowed down construction activities especially in the provinces.
Manny Villar’s Vista Land issues P2B worth of notes to refinance debt
Rental income, on the other hand, jumped 29.5 percent to P2.59 billion due to higher occupancy and the increase in rates.
Interest income from installment contract receivables and investments climbed to P193 million from P149 million.
The holding company of Brittany, Crown Asia, Camella Homes, Lumina Homes, Bria Homes, Vista Residences – Condo Units and Communities Philippines was successful in cutting costs.
Cost and expenses decreased by 21 percent ₱4.26 billion.
Interest and other financing charges likewise declined by five percent to P1.26 billion, primarily attributable to the higher capitalization for the period.