Vista Land gains in 1H on sales take up

Property firm Vista Land and Lifescapes Inc. reported on Thursday that its core net income for the first six months of the year went up by 12 percent to P1.44 billion compared to P1.29 billion posted in the same period last year. Sen. Manuel Villar-owned company told the Philippine Stock Exchange that its revenues slightly grew to P5.5 billion in the first six-month period of 2010 from P4.9 billion in the same period last year. Sales take up from January to June rose by 29 percent to P10.2 billion from P7.9 billion in the same period a year earlier. "The continued rise in our real time sales this year confirms that the property sector has emerged from the crisis and is now on an upswing." Vista Land's senior vice president for finance Ricardo Tan Jr. said in a statement. "Vista Land has responded swiftly to the improving market sentiment and already has in place an aggressive project pipeline for this year. We have also begun to draw up plans to develop commercial areas around some of our key developments," he added. Vista Land is the holding company of five business units — Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. "Although many developers are attempting to tap the OFW market and compete in the more affordable housing market where demand has been stable, we believe Vista Land has a strong competitive advantage given the track record and popularity of our Camella brand," he pointed out. —JE/OMG, GMANews.TV