[ad_1]
VISTA LAND & Lifescapes, Inc. (VLL) saw its attributable profit grow 16% in the third quarter of 2018, driven by double-digit growth in its housing and leasing business.
As part of a regulatory filing, the real estate developer led by Villar posted a net profit attributable to the parent company of P2.99 billion, a result higher than the previous year (P2.57 billion). The turnover amounts to 9.91 billion pesos, an increase of 15% compared to the previous year.
Earnings attributable to the first nine months of the listed company increased by 16% to 8.09 billion pesos, boosted by a 16% increase in revenues to 31.05 billion pesos.
"We are very pleased with our nine-month performance and are well-prepared to meet our revised growth targets for the year," said Manuel B. Villar, Jr., President of the Virtual Law Library, in a statement. .
The company generated a 16% increase in real estate revenues, which accounted for 83% of revenues, to reach 20.8 billion Pakistan pesos. Sales of the Camella brand contributed 80% to the real estate business, followed by Vista Residences, Crown Asia and Brittany.
Rental income provided the remaining 17% of revenues, up 19% to 5.2 billion pesos.
At the end of September, VLL's retail space was 1.16 million square meters in 26 shopping centers, 50 shopping centers and seven offices.
Book sales rose 17 percent to 57 billion pesos, more than the 12 percent growth forecast for the year.
"We are cautiously optimistic about the fourth quarter. On the basis of the third quarter, the trend continues. Our financial goals, we will follow this because we are now realizing revenues that were previously sales, "said VLL President and CEO, Manuel Paolo A. Villar, at a press conference at Makati Wednesday.
The company has already spent £ 34.9 billion in capital expenditure from January to September, on a budget of $ 50 billion for the year.
VLL plans to launch more than 10 billion pesetas of residential projects in the fourth quarter, in addition to the 38 billion pesos that it unveiled in the first nine months.
For its leasing portfolio, the company plans to add another 240,000 m². GFA in the last quarter, in order to reach its target of 1.4 million m² this year.
VLL is expecting a 15-17% growth in its profits this year, as well as a 15-17% growth in sales of bookings.
Shares of the virtual law library fell 1.14 percent, or six centavos, to close at 5.20 pesos each on the stock market Wednesday. – Arra B. Francia
[ad_2]
Source link
