MANILA, Philippines - Vista Land & Lifescapes, holding company of former Senator Manny Villar's property businesses, reported its net income jumped 12 percent to P2.8 billion in the first six months of 2014 from P2.5 billion a year ago.
The higher income was attributed to strong revenues, which grew 14 percent to P11 billion for the January to June period.
Vista Land also registered strong first-half sales to P25.9 billion, 10 percent higher than the same period in 2013.
Villar, who is now Vista Land chairman, said the company expects to meet its full year targets.
"Vista Land continues to remain firmly on a solid growth path... Demand for housing continued to be robust, particularly in the affordable price segment which is dominated by our Camella brand," he said.
Villar emphasized there is no oversupply in housing. "Our plans to expand countrywide remain unchanged... We now have residential housing developments in 34 provinces and 74 cities and municipalities around the country. Our continued expansion in the provincial areas has solidified Vista Land’s dominant position in housing in the Philippines," he said.
Vista Land comprises of Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences.
Vista Land has successfully completed its maiden retail bond offering and refinancing of its dollar debt maturing in 2015.
"During the second quarter, we raised P5 billion from our maiden retail bond offering and issued a dollar denominated note of $225 million for the refinancing of our maturing dollar debt. I believe this reflects the institutional banking as well as retail investor community’s increased confidence in Vista Land," Manuel Paolo Villar, Vista Land president and CEO, said.