Villar-Led Vista Land Posts 14% Net Income Growth
Manila, Philippines—Vista Land & Lifescapes Inc. has just released its full year 2015 results, posting a net income growth of 14 percent to P7.2 billion, including the Starmalls’ net income for the year, which is Vista Land’s newest acquisition.
In a disclosure to the Philippine Stock Exchange (PSE), the company also stated that its 2015 revenues hit a record P28.7 billion or 12 percent increase.
The company’s total consolidated assets as of year-end 2015 totaled to P152.9 billion compared to P125 billion in 2014.
“We’re very pleased to report that 2015 was another record year for Vista Land,” said President and CEO Manuel Paolo Villar. “Our strategy in the residential sector is paying off and our recent acquisition of Starmalls adds stability to our existing operations. As we integrate both platforms, the complementary nature of residential and commercial developments will enable us to achieve higher selling prices, sales volume, and retail rental rates from our improved integrated product offering, as well as lower land acquisition and infrastructure costs.”
Vista Land has established its presence in 95 cities and municipalities across 36 provinces. It intends to focus on the development of “communicities,” an integrated urban development, which combines lifestyle retail stores, prime office spaces, university towns, healthcare, themed residential developments, and leisure components. (Press Release)