Cebu Landmasters eyes P1.7-B profit in 2018

MANILA -- Listed property developer Cebu Landmasters Inc. (CLI) aims to hit PHP1.7- billion profit by 2018, about 42 percent higher than this year’s projected level, as it launches more projects in the Visayas and Mindanao.

In a briefing, Jose Franco Soberano, CLI Senior Vice President and Chief Operating Officer, said the company also targets revenue of P5.3 billion in 2018, up 47 percent from this year’s estimated P3.6 billion.

Soberano said the firm would introduce to the market next year 20 new developments, which include residential subdivisions and condominiums, offices, industrial park, hotel and central business district located in Cebu, Bacolod, Iloilo, Davao and Cagayan de Oro.

“Growth will (also) be driven by the company’s ongoing projects, which will be completed in 2018,” he added.

CLI fortifies its footprint in Visayas and Mindanao by purchasing lands in strategic locations like Davao, Bacolod, Mandaue, Cagayan de Oro, Iloilo and Dumaguete.

Earlier this year, CLI launched P8 billion worth of projects strengthening its presence in Cebu, Davao while expanding its garden series to Bacolod and by introducing residential subdivision to Dumaguete.

The company is bullish on achieving the P1.2 billion net income target for 2017.