Las Pinas–(PHStocks)–Vista Land & Lifescapes Inc. (PSE: VLL) has posted a 10% growth in revenues for the first quarter of 2015 to PhP6.06 billion from PhP5.49 billion in the same period last year. Net income rose by 10% to PhP1.64 billion during the quarter from PhP1.49 billion in the comparable period a year ago.
“2015 promises to be another record year for Vista Land. We are pleased to have been able to sustain solid growth achieved over the past years and should have no problem achieving our full year targets,” said Vista Land Chairman Manuel B. Villar, Jr. “Our positive outlook for the year is also due to the fact that Vista Land’s land bank and existing projects are beneficiaries of the Philippines’ macroeconomic fundamentals and the government’s push to accelerate infrastructure development.”
The company’s total consolidated assets in the quarter ended 31 March 2015 amounted to PhP111.3 billion compared to PhP106.8 billion in December of last year.
Manuel Paolo Villar, President and CEO of Vista Land, stated, “We launched PhP12 billion worth of projects for the quarter and our reservation sales for the period is at PhP14 billion, which confirms our reading that demand for housing across the country continues to be strong.”
Capital expenditures for 2015 are expected to reach PhP25.1 billion. “I remain extremely confident about the prospects for our company,” said Villar. “In addition to our expansion in the provinces, we have continued to move forward with our plans for the various commercial centers within or near our existing developments, taking advantage of the rising middle class in the country.”
The country’s largest homebuilder, Vista Land is recognized for its themed and masterplanned communities and its brands, namely, Camella, Crown Asia, Brittany and Vista Residences, that offer quality housing across all market segments.