VILLAR-LED Vista Land & Lifescapes, Inc.’s net profit in the first semester declined by 39% to Php3.5 billion as the global coronavirus pandemic impeded its operations.
The listed property developer recorded Php18.3 billion in total revenues between January and June, 22% lower than the figure in the same period a year ago.
“This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” Vista Land Chairman Manuel Villar, Jr. said.
Villar noted signs of recovery from the company’s residential business when quarantine policies eased further in June. “In fact, our June sales are already at about 70% of pre-COVID level with sales in July tracking better than June,” he added.
So far, the company has spent Php9.4 billion in capital expenditures since the start of 2020. The integrated real estate developer took advantage of the demand for its houses outside Metro Manila by launching Php1.8 billion worth of projects there in the first six months of the year.