MANILA, Philippines - Homebuilder Vista Land & Lifescapes said on Thursday sustained demand for affordable housing by overseas Filipino workers boosted its first half core net income rose by 12% to P1.44 billion.
Based on its first quarter reported net profit of P694 million, Vista Land's second quarter earnings went up slightly to P746 million.
The company's revenue for the first half stood at P5.5 billion, with second quarter revenue of P2.82 billion based on its P2.68 billion revenue booked in the first quarter.
Sales take up from January to June generated P10.2 billion, of which P5.15 billion came in the second quarter based on a recorded P5.05 billion sales in the previous quarter.
"Remittance flows from overseas have been robust and this bodes well for Vista Land whose projects around the country are very popular with Filipinos based overseas," said Ricardo Tan Jr., Vista Land senior vice president.
Tan said about 60% of Vista Land's revenue come from Filipinos working abroad.
Vista Land is the holding company of 5 business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences. The company’s total consolidated assets as of June 2010 remained at the P54.6 billion level.
Capital expenditures for 2010 are expected to reach P10.2 billion.
Vista Land shares were trading 2.4% lower at P2.46 in mid-trade on Thursday.