Cebu Landmasters 2019 income up 21%

PROPERTY developer Cebu Landmasters Inc. (CLI) said its net income grew 21 percent last year to P2 billion, from P1.66 billion in 2018 on the back of higher sales and rent.

Consolidated revenues grew 26 percent to P8.49 billion from P6.76 billion in the previous year. A chunk of its revenues still comes from sales, which reached P8.39 billion, up 25 percent from the previous year's P6.69 billion. The rest came from rental and management fees and hotel. Reservations sales rose 32 percent to P12.68 billion, from P9.61 billion, which came from a mix of residential and mixed-use projects in six key areas in Davao, Bacolod, Cagayan de Oro, Bohol, Cebu City and Mandaue.

“Our momentum is building up very well, as evidenced not only by our strong financial results, market leadership and diversification, but also by our healthy balance sheet with our asset base more than tripling from P11.5 billion in 2017 to P38.2 billion in 2019,” said Jose Soberano III, the company's chairman and CEO.

“We are positioned strongly in Vismin, and the growing need for residential end-user and investment options is still there. While the entire market navigates through unforeseen headwinds, CLI is committed to sustain its momentum and more importantly be part of the privatesector efforts to support our frontliners, LGUS and affected stakeholders at this time," Soberano added. This year, the company said it will use its landbank of about 1.24 million square meters to roll out more projects in new locations in Iloilo, Bohol, Ormoc and Palawan.

It recently purchased a 9.4 hectare property in Ormoc envisioned for residential development. It also purchased some 28 hectares in Davao earmarked for the firm’s Casa Mira and Garden Series brands and another 11,000 square meters in Bacolod City for its Casa Mira portfolio.