Vista Land & Lifescapes Inc., the listed property developer led by the Villar family, reported an 11 percent increase in net income to P9.36 billion in 2024 from P8.45 billion in 2023, driven by higher real estate sales and lower operating expenses.

In a disclosure to the Philippine Stock Exchange, Vista Land said revenue from real estate sales rose 9 percent to P16.63 billion, mainly due to increased project completion and recognition of a financing component.

Overall completion rate grows

“This was primarily attributable to the increase in the overall completion rate of sold inventories of some of its business units as well as the recognition of the significant financing component for the period,” Vista Land said.

Rental income grew 4 percent to P16.61 billion on the back of higher rates. However, income from parking, hotels, mall administration and other services fell 20 percent to P1.69 billion due to a drop in forfeitures.

Gross profit climbed 30 percent to P11.83 billion, as the company saw improved sales and a 20 percent cut in cost of sales from cost-saving measures and adjustments in land development cost estimates.

Operating expenses declined 8 percent to P10.69 billion, mainly due to lower impairment losses and reduced spending on repairs and maintenance.