VILLAR-LED property developer Vista Land & Lifescapes, Inc. reported an 11% increase in core net income to P9.36 billion in 2024 from P8.45 billion in 2023, driven by higher revenues from real estate sales.
In a regulatory filing, the Villar-led property developer said total consolidated revenues rose by 5% to P36.96 billion from P35.16 billion the previous year.
Real estate sales revenue increased by 9% to P16.63 billion, attributed to a higher overall completion rate of sold inventories across some business units, and the recognition of a significant financing component.
Rental income grew by 4% to P16.61 billion due to higher rental rates.
Meanwhile, revenue from parking, hotel, mall administrative and processing fees, and other income declined by 20% to P1.69 billion, following lower forfeitures.
Interest income rose by 12% to P2.03 billion amid higher returns from investments.
Operating expenses fell by 8% to P10.69 billion, mainly due to reduced provisions for impairment losses and lower repairs and maintenance costs.
As of end-2024, the company’s total assets rose by 11% to P380.51 billion, while total liabilities increased by 16% to P243.22 billion, following higher accounts and other payables, and the recognition of deferred tax liabilities.
The value of real estate inventories fell by 9% to P58.16 billion due to project launches in the previous year and the reversal of capitalized interest.
Earlier this week, Vista Land’s offshore subsidiary, VLL International, Inc. (VLLI), secured a $150-million syndicated term loan facility from Sumitomo Mitsui Banking Corp., with an interest rate of 6.40509% per annum.
Proceeds from the facility will be used to finance, refinance, or reimburse working capital and general corporate purposes of the Vista Land Group.
VLLI’s obligations under the loan are guaranteed by Vista Land and its subsidiaries, including Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.
Vista Land shares declined by 1.83% or three centavos to close at P1.61 apiece on Thursday. — Revin Mikhael D. Ochave