Cebu Landmasters Inc., a regional property developer, said its first-quarter income rose 15 percent in the first three months this year to P978 million from year ago of P847 million on the back of strong sales of its products.
The company said its revenue rose 31 percent to P6.23 billion from previous year’s P4.77 billion, driven by robust growth across the listed company’s business segments.
Reservation sales reached P7.18 billion with new project launches in the pipeline. This development is seen sustained until the end of the year.
The company launched Casa Mira Homes Butuan with sales of P2.6 billion, the product selling fast after only a month of introduction in the market.
CLI claims a 93 percent sell-out rate across all its projects in different stages of development at present.
“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI chairman and CEO Jose Soberano III said.
CLI hotel revenue surged 37 percent in the first quarter following the opening of three hotels in addition to the fully operational Citadines Cebu City.
This brings the company’s total completed rooms to 338 encompassing the newly launched lyf Cebu City in Base Line Center, The Pad Co-Living in Banilad High Street, and Citadines Bacolod City. CLI has 6 more hotels under construction expected to further drive its hotel revenue growth.
“The hospitality industry in the Visayas and Mondanao is getting stronger and we are poised to take advantage of this opportunity,” Soberano said.
CLI’s rental income also increased by 58 percent, driven by newly turned-over lease spaces at 38 Park Avenue and Base Line Center Phase 2 located in Cebu’s business hubs.
The business already spent P2.74 billion of its P14.5 billion capital expenditure budget in only the first three months.
“We are committed to expanding our footprint around the country. We will soon introduce our first project in General Santos and we continuously work on land acquisition initiatives in Luzon,” Soberano said.
Its first-quarter income rose 15 percent to P978 million from previous year’s P847 million from higher sales of its products.
