CLI’s Q1 reser­va­tion sales at P2.2B

Cebu Daily News - - EN­TER­PRISE -

CEBU’S lead­ing home­grown prop­erty devel­oper Cebu Land­mas­ters Inc. (CLI) re­ported P2.2 bil­lion in res­i­den­tial reser­va­tion sales in the first quar­ter, equiv­a­lent to three-fourths of sales take-up achieved by the com­pany for the whole of last year.

The reser­va­tion sales level is a lead­ing in­di­ca­tor of the kind of rev­enues that CLI can rec­og­nize in 2018 and 2019.

In a press chat on Wed­nes­day after the in­vestors’ brief­ing re­lated to the CLI’s ini­tial pub­lic of­fer­ing, CLI founder and pres­i­dent Jose Sober­ano III said last year’s reser­va­tion sales amounted to P2.9 bil­lion.

Of the P2.2 bil­lion in reser­va­tion sales posted by CLI in the first quar­ter of this year, Sober­ano said 70 per­cent was con­trib­uted by high­rise res­i­den­tial de­vel­op­ment.

The reser­va­tion sales seen in the first quar­ter have al­ready ap­prox­i­mated CLI’s en­tire rev­enue base of P2.18 bil­lion in 2016.

From 2012 to 2016, CLI’s net in­come ex­panded at a com­pounded an­nual growth rate (CAGR) of 150.49 per­cent, reach­ing P702.32 mil­lion last year. Rev­enues have also seen a CAGR of 61.47 per­cent over the same pe­riod. Re­turn on eq­uity last year stood at 50.49 per­cent.

CLI is rais­ing as much as P2.9 bil­lion from an ini­tial pub­lic of­fer­ing priced at P5 per share, aim­ing to boost funds for ex­pan­sion in Visayas and Min­danao (Vis-Min).

The IPO will run from May 19 to 26 while list­ing on the Philip­pine Stock Ex­change will be on June 2.

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