CLI profit rises 34% to P1.1 B

MANILA, Philippines — Property developer Cebu Landmasters Inc. (CLI) posted a 34 percent jump in its net income in the first half of the year to P1.1 billion, driven  by robust sales from its residential segment.

In a disclosure to the Philippine Stock Exchange, CLI said consolidated revenues from January to June also increased 34 percent to P3.5 billion from P2.61 billion in the same period last year.

“Growth in revenues was primarily driven by its mid-market residential segment, representing 35 percent of real estate sales,” CLI said, adding that this grew three percent to P1.24 billion from P1.2 billion the previous year.

This was followed by the premier projects segment with a 33 percent share at P1.15 billion, doubled from P571 million in the same period a year ago.

Its economic housing Casa Mira segment contributed 29 percent of real estate sales at P1 billion, a 44 percent growth from P698 million in the first half of 2018.

In terms of location, projects in Cebu — where the company maintains a strong presence – represented 61 percent of total revenues, followed by developments in Bacolod and Dumaguete which contributed 16 percent and nine percent, respectively.

“CLI attributed this strong performance to its industry-recognized, on-time construction methods that facilitate the timely turnover of units,” the company said.

Consolidated reservation sales in the first half remained robust at P5.3 billion from P5.2 billion the previous year.

CLI said the highest reservation sales came from projects in Davao such as the prime residential tower One Paragon Place, currently 78 percent sold-out.

It added that developments in Cebu, Cagayan de Oro and Bacolod as well as expansion areas also reported high reservation sales in the first half.

The property developer said it is set to launch new projects in the second half of the year, including the rollout of its fastest selling brand Casa Mira in Iloilo, Dumaguete, Bacolod and Bohol.

 “The company expects these new projects to enable CLI to achieve its 2019 target of P12.5 billion in reservations sales.