Vista Land & Lifescapes Inc., the property holding firm of ultra Bilyonaryo Manny Villar, saw net income rise 70.4 percent in the nine months through September to P8.22 billion on robust revenues and successful cost-efficiency measures.
The company registered P26.15 billion in revenues, up 17.8 percent from the previous year, largely due to the increase in the overall completion rate of sold inventories of some of its business units.
Rental income increased by 15.7% to ₱11.83 billion, driven by higher occupancy and the increase in rates for the period including the upside from the higher sales of variable rental based tenants.
Interest income from installment contract receivable and investments increased by 8.9% to P1.635 billion due to the increase in interest income from investments of 23.8% to P1,21 billion offset by the decrease in the interest income from installment.
Income from parking, hotel, mall administrative and processing fees and others surged 66.1% to P1.73 billion, owing to the increase in mall related administrative and processing fees, parking, hotel operations as well as forfeitures.