Vista Land posts P6.4B net income in 2020

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VISTA Land & Lifescapes Inc., one of the country’s leading integrated property developers and the largest homebuilder, has generated consolidated total revenues of P32.7 billion and consolidated net income of P6.4 billion for the year 2020, a decline of 26 percent and 45 percent, respectively from last year.

Despite the impact of the Covid-19 pandemic on the firm’s business operations, Vista Land displayed resilience, especially in its commercial business with rental revenues dropping only by seven percent and its ability to quickly launch projects when presented with opportunities due to its land bank and presence across the country.

The firm’s total consolidated assets stood at P284.1 billion. Its capital expenditures for the year amounted to P24.6 billion.

Manuel Villar Jr., Vista Land chairman, said they have witnessed the sustained uptrend of our reservation sales registering 37 percent growth since the second quarter of 2020.

The firm is looking at 2021 with optimism following the resilient overseas remittances in 2020 and its projected growth of up to four percent this year. (PR)