VILLAR-LED property developer Vista Land & Lifescapes, Inc. reported a 4% increase in first-quarter (Q1) attributable net income to P2.96 billion from P2.84 billion a year earlier, driven by higher real estate sales.
In a regulatory filing on Tuesday, the company said consolidated net income for the January-to-March period rose by 5% to P3.4 billion from P3.23 billion in the same period last year.
Total revenue grew by 3.9% to P10.65 billion as revenue from real estate sales increased by 5% to P5.85 billion.
“(The higher revenue from real estate sales) was primarily attributable to the increase in the overall completion rate of sold inventories of some of its business units as well as the recognition of the significant financing component for the period,” Vista Land said.
Vista Residences, Inc. recorded a 7% increase in real estate revenue to P1.51 billion due to stronger condominium unit sales.
Crown Asia Properties, Inc. saw a 67% rise in real estate revenue to P740 million, attributed to a higher volume of home sales in the upper middle-income residential segment and the recognition of the significant financing component.
Brittany Corp. posted a 20% increase in real estate revenue to P573 million on improved sales in the upscale residential segment.
Communities Philippines, Inc. reported a 4% increase in real estate revenue to P2.08 billion, citing more homes sold in the affordable residential segment.
Camella Homes, Inc. posted a 1% growth in revenue to P1.36 billion on the back of increased unit sales in the Mega Manila area.
Rental income rose by 4% to P4.35 billion due to higher lease rates. Interest income declined by 22% to P105 million, reflecting fewer buyers availing of in-house financing.
Revenue from parking, hotel operations, mall administrative and processing fees, and other sources declined by 9% to P338 million due to lower contributions from hotel and miscellaneous revenues.
Total costs and expenses decreased by 5% to P4.39 billion.
Cost of real estate sales rose by 12% to P2.01 billion due to higher unit sales, while operating expenses fell by 16% to P2.38 billion on reduced travel-related spending and lower depreciation charges.
Vista Land shares declined by 0.62% or one centavo to P1.61 apiece on Tuesday. — Revin Mikhael D. Ochave
