Higher sales lift Vista Land's net income

Record sales boosted the earnings of property holding company Vista Land & Lifescapes Inc. in the first nine months of the year. Vista Land told the Philippine Stock Exchange on Monday that its net income for the January to September period amounted to P2.61 billion, some P800 million less of its earnings target this year of P3.4 billion. Sales for the third quarter reached over P6.2 billion, bringing the total for the first nine months of the year to P18.3 billion. "We are on track for another year of solid growth in sales, revenues, and net income," said Manuel Paolo Villar, Vista Land chief executive officer. "In spite of the market uncertainties overseas, I am confident that the strategies we have adopted will allow us to meet our full year revenue and earnings goals." For the rest of the year, the company said it expects the "strong sales performance" for the rest of the year. “In particular, we know that our Camella brand is the leader by far in the affordable house and lot segment and has a strong competitive advantage given its track record spanning more than thirty years", Villar added. Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. CMA/OMG, GMA News