CLI DELIVERS RECORD REVENUES ON ROBUST VIS-MIN BUSINESS

Robust growth across all its business segments resulted in higher first-quarter earnings and record revenues for developer Cebu Landmasters Inc. (CLI).

In a statement on Friday, Soberano family-led CLI said net income in the January to March period had climbed by 15 percent to P978 million.

Revenues swelled by 31 percent to P6.2 billion, the highest recorded by CLI in a single quarter.

“This quarter’s notable achievement strongly indicates that we are on track,” CLI chair and CEO Jose Soberano III said. “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.”

Strong demand in the Visayas and Mindanao resulted in higher reservation sales, which reached P7.18 billion, up by 37.5 percent.

As a result, CLI achieved a 93-percent sellout status across all its projects in various stages of development.

Hotel revenues expanded by 37 percent to P39.73 million after opening three new hotels and the full operations of Citadines in Cebu City.

CLI currently has six hotels under construction that are expected to drive hotel revenue growth.

To date, the developer has P27.65 billion worth of projects in the pipeline, including new condominium towers for its estate project in Manresa Town, Cagayan de Oro province.

According to Soberano, they will soon launch the first CLI project in General Santos City and “continuously work on land acquisition initiatives in Luzon.”

CLI raised P4.3 billion from its preferred shares offering last month.