MANILA – Vista Land and Lifescapes Inc on Monday said it booked a net income of P2.1 billion for the first quarter of 2021 partly due to strong sales from overseas Filipinos.
The figure is down 14 percent compared to the same period last year but an improvement on a quarterly basis, the Villar-led property developer said in a disclosure to the stock exchange.
Reservation sales hit P16 billion or 4 percent higher compared to Q1 last year and 14 percent up compared to Q4, it added.
“Over 50 percent of our sales come from Overseas Filipinos and the demand from the sector remains resilient amid the current challenging time," Vista Land chairman Manuel Villar Jr said.
The company is also looking forward to the country's vaccination rollout and the further opening of the economy, Villar added.
Vista Land said its real estate revenue reached P6.3 billion for the period, down 13 percent while leasing income declined 9 percent to P2 billion.
To weather the pandemic, the company strengthened its digital initiatives with online reservation systems and virtual property tours, said Vista Land president and CEO Manuel Paolo Villar.
Vista Land operates residential and commercial property development businesses through several distinct units which include Camella Homes.