VISTA Land & Lifescapes, Inc. reported a consolidated net income of P6.4 billion, 45% lower than the P11.6 billion generated in 2019 due to the pandemic.
“The past year truly challenged our ability to move forward despite the presence of a global health crisis. However, it even proved to be one of our most innovative years yet as we accelerated our digital transformation to reach and to better serve our clients,” Vista Land Chairman Manuel B. Villar, Jr. said in a statement on Thursday.
The company’s consolidated revenues dropped by 26% to P32.7 billion from P44.4 billion.
Vista Land said rental revenues from its commercial business dropped by 7%, without disclosing specific figures.
The property developer launched P5-billion worth of residential projects in the last quarter of 2020, ending the year with a launch value of P10 billion.
“We are glad to have witnessed the sustained uptrend of our reservation sales registering 37% growth since the second quarter of last year and are looking at 2021 with optimism following the resilient overseas Filipino remittances in 2020 and its projected growth of up to 4% this year,” Mr. Villar said.
The company’s capital expenditures totaled to P24.6 billion for the year, while total consolidated assets as of the end of December amounted to P284.1 billion.
“Vista Land will continue to capitalize on its geographic reach as the demand and preference of affordable housing located outside Metro Manila continues to be seen. We are also looking at increased foot traffic with the start of the vaccination rollout this year,” Mr. Villar said.
Meanwhile, Vista Land’s leasing business was able to improve its operational gross floor area (GFA) to 95% as most of its tenants were deemed essential.
“We also added over 90,000 square meters of GFA for our leasing business, mostly commercial centers as we took advantage of the captive demand of our residents,” Manuel Paolo A. Villar, president and chief executive officer of Vista Land, said.
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