CLI to proceed with P19.4-B projects

UNDETERRED by the coronavirus disease 2019 ( Covid- 19) pandemic, Cebu Landmasters Inc. (CLI) is set to proceed with the launching of their P19.4 billion worth of projects planned out this year.

“We are set to proceed with 14 more launches this year, [which] will give [ us] additional P19.4 billion worth of inventories or products that we’ll be able to introduce and sell to the market,”

CLI President and Chief Executive Officer Jose Soberano 3rd said in an online briefing on Monday.

Soberano added that the future launches would increase its total unsold inventory, which is currently at 10 percent only.

CLI is also looking to address the housing backlog evident in the Visayas and Mindanao through the these projects.

To fund these expansions, CLI has secured P8 billion worth of corporate notes and several bilateral facilities with major banks, tailored for each project.

Aside from the continued projects, Soberano said they would also accelerate the digitization of the company this year to maintain communications with their customers amid the pandemic.

In addition, Soberano said they would also focus on their construction operations in the oncoming days in order to catch-up with their slowdown caused by the enhanced community quarantine.

“We do have construction targets, especially for those projects that we have programmed to turnover within the year,” Soberano said.

CLI saw its first quarter consolidated net income dip by 8 percent to P648.5 million from P701.6 million year-on-year.

Meanwhile, its consolidated revenues climbed by 13 percent to P2.1 billion during the quarter from P1.87 billion last year.

“We are being very conservative, we are being prudent that in 2020, we look at our performance from the guidance of plus or minus 10 percent,” Soberano added.

Shares of Cebu Landmasters Inc. tumbled down 6 centavos or 1.62 percent to close at P3.65 each on Tuesday.