Cebu Landmasters Posts P1.6bn earnings in 9 months

CLI attributed the outstanding results to the strong performance of its mid-market residential segment, which accounted for 36 percent of the total revenue pie.

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Photo from Cebu Landmasters' website.

Cebu Landmasters (CLI) continues its leadership in the Visayas-Mindanao region, with consolidated net income rising by 59 per cent from P1.2 billion to P1.9 billion year-on-year.

Net income attributable to parent meanwhile grew significantly by 77 per cent from P932.7 million to P1.65 million driven by substantial increase of revenue from CLI projects.

The leading housing developer in the Visayas-Mindanao region declared revenues of P5.9 billion from the previous year’s record of P3.7 billion.

CLI attributed the outstanding results to the strong performance of its mid-market residential segment, which accounted for 36 percent of the total revenue pie. Casa Mira, the company’s economic residential brand, and high-end segment contributed 32 per cent and 29 per cent, respectively.

“Our fast-selling projects give us confidence that we will achieve our topline and net income growth targets for the end of the year. The numbers reflect our operational excellence and commitment to responsible development,” CLI Chief Executive Officer Jose Soberano III said.

CLI launched nine major developments in 2019: Davao Global Township – Phase 1 (Davao); One Paragon Place (Davao), Citadines Paragon Davao (Davao); Citadines Bacolod City (Bacolod); MesaVirre Garden Residences C (Bacolod); Casa Mira Bacolod (Bacolod); Velmiro Plains Bacolod (Bacolod); Casa Mira Towers CDO (CDO); and Mivela Garden Residences (Cebu). CLI said the Mivela project set new records with 80 percent of the project sold in just three weeks from launch date.

Projects in the company’s headquarters in Cebu made up 58 per cent of the period’s revenue contributors, followed by developments in Bacolod and Cagayan de Oro with 13 per cent and 12 per cent earnings input, respectively.

Also Read: P5.3B Mivela Garden Residences by Cebu Landmasters 80% Sold

In Q3 2018, revenue contributors after Cebu (with 61 per cent revenue contribution) were Cagayan de Oro with 19 per cent and Davao with 14 per cent.

CLI’s leasing portfolio grew by 29 per cent to P46.72 million from P36.20 million year-on-year. This is attributed to the increase in Gross Leasable Area (GLA) following the recent turnover of Base Line Retail and HQ and Casa Mira Towers Labangon. Aggregate GLA for the period now reached 13,806 square meters while occupancy rate rises to 84%. – © CebuNews.ph

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