VISTA Land & Lifescapes Inc. posted a net income of P8.2 billion for the first nine months of 2023, up by 70 percent from the same period last year.
As of the end of the third quarter of 2023, the company has launched 28 projects with an estimated project value of P40 billion.
The company remains optimistic with the industry for the rest of the year with the strong gross domestic product growth of 5.9 percent coupled with sustained growth in overseas Filipino remittance and revenge spending from consumers, all of which contributed to the positive performance of the group.
The company’s consolidated revenue for the first nine months 2023 registered at P27.4 billion, marking an 18 percent increase.
Real estate revenue returned to double-digit growth with a 17 percent increase to P12.2 billion, while rental income amounted to P11.8 billion for the nine months ended Sept. 30, 2023.
Gross profit reached P7.2 billion, and Ebitda rose by 21 percent to P15.2 billion.
Vista Land also improved its residential gross profit margin by over 400 basis points to 59 percent. The core net income (excluding the gain from insurance proceeds) registered an increase of 30 percent to P6.8 billion for the period.