Cebu Landmasters posts 27% hike in 9-month profit

Cebu Landmasters Inc. (CLI) reported a 27 percent growth in net income to P1.22 billion in the first nine months.

It registered P3.7 billion in revenues, up 33 percent, buoyed by robust sales and the construction progress of residential developments in Cebu and Cagayan de Oro City that have targeted overseas Filipinos.

CLI chairman and Jose Soberano III expects the company’s strong performance to continue and reach new levels.

“Our numbers do not yet reflect projects funded by the P2 billion investment (CLI) received following our initial public offering. Once these projects start contributing to our revenues, we expect CLI’s performance to achieve new levels,” he said.

Future growth will come from more diversified income sources including estate development and an industrial park.

Moving forward, the company will launch the 22-hectare Davao Global Township which is envisioned to be Mindanao’s premier business district.

It also soon expects to complete the requirements related to the reclamation of the 100-hectare Ming-Mori Techno Business Park in Minglanilla, Cebu.

Soberano said two projects in Cebu carrying CLI’s economic housing brand Casa Mira, the mid-range MesaVerte Residences in Cagayan de Oro and the mixed-use development Base Line Center in Cebu City were launched prior to the company’s listing in 2017.

“In the meantime, the company’s performance is further being sustained by newly launched high-end developments and new Casa Mira sites that altogether accounted for a record breaking sales take up of P6.17 billion, 69 percent higher than the previous year’s figure,” Soberano said.

The company’s leasing income also improved, growing 15 percent to P36.2 million on higher occupancy and rental rates.

“We will sustain growth by aggressively addressing the needs of underserved markets in VisMin. Currently, we have 55 projects in different stages of development in 8 VisMin locations. These are Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol,” Soberano said.

The company is targeting a net income of P1.7 billion on revenuers of P5.3 billion. –