Cebu Landmasters Inc. reported a 22 percent drop in net income in the first quarter, falling to P1.02 billion from P1.32 billion a year earlier.
The company said the decline was mainly due to the absence of a one-time gain from the sale of an investment property last year, which added about P900 million to earnings.
Excluding the non-recurring gain, CLI said its core residential business remained strong, supported by ongoing construction and project deliveries across the Visayas and Mindanao.
First-quarter revenues slipped 2 percent to P6.08 billion from P6.22 billion. Revenue from real estate sales reached P5.8 billion, driven by progress in residential developments.
CLI said its recurring income businesses continued to grow. Hotel revenues rose 14 percent to P119 million, while leasing revenues also increased 14 percent to P60 million.
The company recently opened Radisson Red Cebu Mandaue, a 144-room hotel located within Astra Centre in Mandaue City, Cebu, as part of its expansion in hospitality and mixed-use developments.
CLI said it remains focused on residential development while expanding its leasing and hospitality portfolio.
