VISTA Land & Lifescapes, Inc. estimates combined net profits of P2.1 billion in the first year, down from P2.44 billion a year earlier owing to higher interest expenses.

“Coming from 2020, our early first-quarter headline figures this year are very encouraging,” Vista Land president and CEO Manuel Paolo A. Villar said in a statement on Monday.

The group also reported that overall sales for the quarter fell by 12% to about P8.7 billion from P9.93 billion the previous year, while EBITDA (earnings before interest, taxation, depreciation, and amortization) was P3.9 billion.

Real estate revenue was P6.3 billion, a 13% decrease from the P7.2 billion-P2 billion produced in the first three months of 2020.

Meanwhile, rental income is expected to hit P2 billion, a 14 percent decrease from P2.2 billion.

Vista Land’s hope for the next year is focused on the vaccine scheme.

“In addition, metrics such as overseas Filipinos (OF) demand remain robust with an upward trajectory as the host countries of our OFs are on their way to achieving herd immunity,” said Vista Land Chairman Manuel B. Villar, Jr.

“The expected growth of OF remittances this year also bodes well for the group because OF sales account for approximately 55 percent to 60 percent of our sales,” he said.

Sales reservations increased by four percent from January to March, totaling P16.1 billion. The business stated that the growth seen since June of last year has been maintained.

Vista Land said that it would instead “maintain its position on minimum land acquisition” by leveraging its current land bank. In addition, the firm intends to remain “conservative” in its leasing room growth ambitions.

“However, the group has the capacity to [fast-track] development and initiate ventures when opportunities arise,” Vista Land said.

The Villar-led real estate company also stated that it is considering offering a real estate investment trust (REIT) for its office spaces.

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