Profits of Vista Land, Century Properties, Anchor rise in H1
MANILA, Philippines - Property companies Vista Land, Century Properties Group and Anchor Land Holdings, reported brisk sales in the first half that helped boost their profits.
Vista Land, owned by the family of Sen. Manuel Villar, reported a 25% jump in net income to P2.19 billion in the first six months of the year, from P1.74 billion a year ago. The company attributed this to the 22% growth in revenues to P8.1 billion in the first half, as sales remained strong.
"As we have said since last year, Vista Land is on a solid growth footing. I believe demand for housing will remain strong for the next few years and Vista Land is in a perfect position to capitalize on this,"Vista Land president and chief executive officer Manuel Paolo Villar said.
Vista Land is the holding company of five business units - Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences.
"We successfully launched 15 subdivision projects around the country - valued at about P12 billion, five of which were in new areas, namely, Palawan; Bohol; Candon, Ilocos Sur; Vigan Ilocos Sur and Batangas. Sales have continued to be strong and we are well on our way to achieving our sales, revenues and earnings targets this year," Ricardo B. Tan, Jr., Vista Land chief financial officer, said.
Meanwhile, Century Properties Group Inc. posted a 91% growth in net income to P944 million in first half of 2012, as its high-end projects continued to sell briskly. The company has already exceeded its net income in 2011 of P496 million.
Total revenues rose 133% to P4.9 billion in the first half, from P2.1 billion in the same period in 2011.
"Century continues to execute its business plan of developing products that are relevant for today's marketplace. We remain steadfast in our attempt to diversify our product portfolio. For the second quarter of 2012, we generated P5.4 billion in pre-sales, of which 19%, 40% and 41% came from the luxury, middle income and affordable markets, respectively," said Century chief financial officer Jose Carlo R. Antonio.
Century, which is known for luxury projects such as Trump Tower Manila, said its pre-sales hit P10.7 billion in the first 6 months of 2012, an 18% growth over the first half of 2011.
At the same time, Anchor Land's net income in the first half stood at P460.52 million, 32% higher than the net income of P350 million a year ago.
Anchor Land chairman Stephen Lee said consolidated revenues hit P2.24 billion in the first half, an 84% increase from the same period last year on the back of strong sales and construction activities in its ongoing residential condominium projects. Total revenues from real estate sales increased 85% to Php1.98 billion in the first half of 2012 compared to the same period last year.
"The increase is due to the continued construction and new units sold in the company's residential condominium projects, namely Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2 and Admiral Baysuites," Lee said.
Source: ABS CBN News | August 15, 2012
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