Vista Land and Lifescapes Inc., the property holding firm of ultra bilyonaryo Manny Villar, grew its nine-month net income by 12 percent to P6.68 billion as costs and provision for income taxes declined.
Provision for income tax also decreased by 12 percent from ₱1.04 billion to P910 million, primarily due to the lower taxable base during the period as the company’s real estate investment trust is benefitting from zero tax on its earnings.
This made up for the decline in revenues to P21.2 billion from P22.4 billion. Revenues from real estate slipped by 26 percent to P10.72 billion due to the decrease in the overall completion rate of sold inventories of its business units specifically in the affordable segment.
Rental income, on the other hand, jumped 33 percent to P8.2 billion due to the contribution of newly opened commercial centers amid the return of consumer spending.
Vista Land president Manuel Paolo A. Villar said foot traffic at the company’s malls has been improving and even exceeded pre pandemic levels during weekends and holidays.
“We have over 1.6 million square meters of gross floor area of commercial developments consisting of 45 malls, 56 commercial centers and seven office buildings,” he said.
Interest income from installment contract receivable and investments decreased by 19 percent to P1.4 billion while cost and expenses fell 17 percent to ₱11.31 billion
As of the end of September, Vista land launched 12 projects worth around P21.8 billion, which is also already double the full year 2021 level.
“We are pleased with our performance specifically on our project launches this year. Over the last 2 years we have revisited our reserved lands and we were able to initially identify over 60 potential Vista Estate projects across the country, he added. We remain optimistic with the industry with the strong GDP growth recently announced coupled with sustained Overseas Filipino remittance and revenge spending from consumers,” said Villar, chairman of Vista Land.
The company is set to launch more projects from its over 60 Vista Estate developments around the country.