Vista Land earnings up 11% in 2024
Vista Land and Lifescapes Inc. netted P9.36 billion last year, representing an 11-percent climb on higher real estate sales and rental rates.
The property giant led by billionaire Manuel Villar said in a stock exchange filing on Wednesday afternoon its total revenues had increased by 5 percent to P36.96 billion.
Revenue from real estate sales jumped by 9 percent to P16.63 billion on the back of a higher completion rate in Vista Land’s business units, the company noted in its filing.
Rental income inched up by 4 percent to P16.61 billion due to higher rates.
Net income was likewise boosted by lower operating expenses, which ended at P10.7 billion, down by 8 percent on a decline in provisions for impairment losses, as well as repairs and maintenance.
These offset a 20-percent slide in parking, hotel, mall, administrative and other fees collected last year to P1.7 billion.
According to Vista Land, the decline was caused by “a significant decrease” in forfeitures, as this category typically includes fees collected from buyers who have backed out of their purchases.
Vista Land, which owns Camella Homes and Vista Residences, has yet to disclose its full annual report.
