CLI posts 21% jump in profit to P2 billion

MANILA, Philippines — Cebu Landmasters Inc. (CLI), the listed property developer in Visayas and Mindanao, posted a net income of P2 billion last year, up 21 percent year-on-year.

The company registered revenue of P8.5 billion, 26 percent higher than the previous year due to the strong performance of all CLI business units.

Citadines Cebu City, which began operations in the third quarter, also provided a new revenue stream. It is the first of a projected six hotels in various VisMin cities set for completion by 2022.

Jose Soberano III, chairman and CEO of CLI, said 2019 was a record setting year.

“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,” he said.

Moving forward, CLI will use its current landbank of 1.2 million square meters to roll out more projects in new locations in Iloilo, Bohol, Ormoc and Palawan.

The company recently purchased a 9.4 hectare property in Ormoc envisioned for residential development.

Aside from this, CLI is also developing the mid-market mixed-use multi-tower condominium project in Mandaue in strategic partnership with AboitizLand, the real estate arm of Aboitiz Equity Ventures.

CLI also partnered with International Builders Corp. for a series of high-rise projects with retail spaces in a prime corner lot in Iloilo City.