Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder generated consolidated total revenues of PhP18.3 billion and consolidated net income of PhP3.5 billion for the first six months of 2020, a decline of 22% and 39%, respectively from the same period last year due to the impact of COVID-19 on the Company’s operations.
In terms of its capital expenditures, the Company already spent PhP9.4 billion during the first six months of the year. “This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” said Manuel B. Villar, Jr., Vista Land Chairman. The Company, however, has adapted to the “new normal mindset” and has aggressively shifted to digital platforms for its marketing initiatives. “We are seeing some positive signs of recovery especially in our residential business as the economy reopened last June. In fact, our June sales are already at about 70% of pre-COVID level with sales in July tracking better than June,” he added.
The Company’s total consolidated assets as of 30 June 2020 stood at PhP274.8 billion.
“We have launched a total of PhP1.8 billion in terms of project value for the first half of the year, all of which are located outside Mega Manila to capitalize on the traction we have gained for our housing products in the provincial areas amid this pandemic. We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers,” said Vista Land President & CEO, Manuel Paolo A. Villlar.
Vista Land intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.