MANILA, Philippines - High residential sales boosted Villar-led Vista Land and Lifescapes Inc.'s earnings for the first 9 months of the year.
Based on the company's financial filing, it recorded a net income of P2.16 billion for January to September 2010, up 35.8% from P1.59 billion in the same period last year.
Real estate revenues rose 13.9% to P8.2 billion from P7.2 billion.
The firm said it may exceed its full-year targets of P2.8 billion income and approximately P20 billion sales.
"... General consensus [is] that consumer confidence remains strong," said Vista Land Senior Vice President for Finance Ricardo Tan Jr.
"We should comfortably exceed our sales target for the year by just repeating our 3rd quarter performance," he added.
Vista Land is the holding company of 5 real estate brands, namely Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.
It launched 30 projects worth P19 billion for the first 9 months and these are mostly in areas outside Mega Manila.
Its capital expenditures for 2010 was set at P10.2 billion.
"We remain optimistic about the outlook for the property sector in general and are confident that will continue to be a dominant force in the affordable housing market where demand has been stable," Tan said.