CLI income rises on higher sales
CEBU Landmasters Inc. (CLI), a regional property developer, said its income in the first quarter rose by 15 percent to P978 million from the previous year’s P847 million.
The company said its revenues rose 31 percent to P6.23 billion from the previous year’s P4.77 billion, driven by robust growth across the listed company’s business segments.
Reservation sales reached P7.18 billion and the company said with new project launches in the pipeline, this trajectory is expected to be sustained until the end of the year.
The company launched Casa Mira Homes Butuan with sales value of P2.6 billion. CLI said the product is “selling fast” one month after it was unveiled.
To date, CLI said it recorded a 93 percent sell-out status across all its projects in different stages of development.
“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI Chairman and CEO Jose Soberano III said.
Its hotel revenue also surged by 37 percent in the first quarter following the opening of three hotels in addition to the fully operational Citadines Cebu City.
Bringing the company’s total completed rooms to now 338 are the newly launched lyf Cebu City in Base Line Center, The Pad Coliving in Banilad High Street, and Citadines Bacolod City. CLI has 6 more hotels under construction expected to further drive its hotel revenue growth.
“The hospitality industry in Vismin [Visayas and Mindanao] is getting stronger and we are poised to take advantage of this opportunity,” Soberano said.
CLI’S rental income also increased by 58 percent, driven by newly turned-over lease spaces at 38 Park Avenue and Base Line Center Phase 2 located in Cebu’s business hubs.
The firm has also spent P2.74 billion in capital expenditure (capex) during the period, out of its capex budget for the year of P14.5 billion.
“We are committed to expanding our footprint around the country. We will soon introduce our first project in General Santos and we continuously work on land acquisition initiatives in Luzon,” Soberano said.