CLI nets P498.7 million in Q1

Cebu Landmasters Inc., reported yesterday it recorded a net income of P498.7 million in the first quarter of 2018, as it sustains its positive prospects in the local property sector.

In a disclosure to the Philippine Stock Exchange yesterday, CLI said it saw its net income rising 17 percent from P425.6 million to P498.7 million.

Total revenues also posted a notable increase of 14 percent to P1.26 billion mainly boosted by the construction progress of the company’s ongoing projects.

On the other hand, rental revenues significantly increased by 31 percent for the quarter to P11.89 million due to higher occupancy and lease rates increases.

“We are very pleased with our performance for the first three months, this is the highest recorded quarterly net income and we are well-positioned to achieve another banner year,” CLI CEO Jose Soberano III said in a statement yesterday.

In the first quarter of 2018, CLI established its footprint in the Visayas region as it formally launched one new Garden-series condo in Bacolod and one Casa Mira project in Dumaguete.

These projects significantly contributed to the P2.7 billion reservation sales, a 24 percent increase from prior year and reaching 38 percent of its P7 billion full-year goal.

“We remain bullish about our prospects for the rest of the year as we see a sustained momentum in our real estate sales and our continuous drive to grow our recurring income” Soberano said.

Earlier this year, CLI signed a memorandum of agreement with the Radisson Hotel Group to bring the first Radisson RED hotel to the Philippines in Cebu.

Radisson RED is the fourth hotel the company launched.

CLI is also scheduled to unveil 20 more projects within the year bringing its total portfolio from 46 to 66 developments.

“We continue to introduce new projects to diversify our product line and provide sustainability to the company. The 20 projects will be a mix of residential, office, retail and hotel.” the company executive said.

He noted: “Looking at this quarter’s performance, we are very optimistic to achieve this year’s financial guidance of P5.3 billion and P1.7 billion in revenue and net income respectively”.

CLI shares recently broke out of the downtrend line. They were last traded at P4.89 per share on Tuesday. —