Villars’ listed firms report profit growth on ‘revenge’ spending

VILLAR-LED companies Vistamalls, Inc., Vista Land & Lifescapes, Inc., Golden MV Holdings, Inc., and AllDay Marts, Inc. recorded profit growth in the third quarter as consumer spending picked up.

Vista Land, a developer of residential subdivisions and condominiums, posted a P2.26-billion attributable net income, up by 10.5% from P2.05 billion last year.

“Our leasing business has sustained its growth momentum given the return to ‘normalcy’ and the so-called revenge spending,” Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said in a press release on Tuesday.

The company registered profit growth despite a 65% decline in its top line during the quarter to P5.8 billion from P16.59 billion a year ago.

For the January-to-September period, Vista Land’s net income rose by 6.9% to P6.09 billion from P5.7 billion in the previous year. Its nine-month revenues declined by 5.2% to P21.23 billion from P22.39 billion a year ago.

By end-September, Vista Land had 12 project launches with an estimated total value of P21.8 billion.

In a separate report, Vistamalls’ attributable net income surged more than two times to P1.68 billion in the third quarter from P675 million a year ago, after booking higher revenues and incurring flattish expenses.

Vistamalls, whose units develop and operate malls and office centers, recorded a 39.1% rise in its top line to P2.61 billion in the three months ending September from P1.87 billion previously. Costs and expenses at P839 million were just slightly higher than the P832 million incurred last year.

For its nine-month showing, Vistamalls’ profit climbed by more than two times to P5.1 billion from P2.32 billion in the same period last year. Its revenues amounted to P8.46 billion for the three quarters, up by 50.3% from P5.63 billion a year ago.

Costs and expenses for the period were lower by 4.4% to P2.04 billion from P2.13 billion as the company saw a decrease in occupancy expenses, outside services, and repairs and maintenance.

Golden MV, which is into real estate including memorial lots and chapels, had an attributable net income of P450.99 million in the third quarter, 9.4% higher than P412.25 million a year ago. The company’s topline was 4% lower at P1.28 billion from P1.33 billion in the same period last year.

Sales of real estate units amounted to P1.21 billion, lower by 3.5% from P1.25 billion in 2021.

For the nine months to September, Golden MV posted P1.14 billion attributable net income which was 6.4% higher than P1.07 billion in the previous year. Its top line totaled P3.85 billion, 5.4% lower than P4.07 billion a year ago. 

Meanwhile, supermarket operator AllDay Marts posted a 3% increase in its net profit to P88.38 million in the third quarter from P85.8 million last year. Its sales rose to P2.48 billion, up by 4% from P2.38 billion a year ago.

Its nine-month net income declined by 62.3% to P100 million from P265.45 million in 2021. Year-to-date revenues rose 2.8% to P7.07 billion from P6.87 billion last year.

“AllDay’s market, one that is particularly affected by the trend of ‘revenge retail,’ have been observed to shift their spending towards enjoying themselves through travel and leisure, and rightfully so, especially after such long periods of lockdown,” AllDay Chairman Manuel B. Villar, Jr. said.

In a separate disclosure, AllHome posted a 46.8% lower income of P176.48 million in the third quarter from P331.66 million a year ago. AllHome’s topline was also lower at P2.84 billion, down 16.5% from P3.4 billion last year. The company sells home improvement and construction products in mall-based, free-standing, and specialty stores.

For the three quarters to September, the company’s net income fell by 59% to P398.59 million from P972.63 million a year earlier. Its topline declined by 10% to P9.11 billion from P10.13 billion.

“There are still prevailing circumstances in the country that stem from the pandemic — and AllHome’s 9M 2022 performance show signs of this,” Mr. Villar said.

“We have seen increased construction activity throughout the country, especially as the effects of the pandemic have worn off for most part. We look at this with optimism for the coming year, as this will see the completion of most construction activities started or restarted during the pandemic,” he added. — Justine Irish D. Tabile