CLI profit jumps 66%
Property developer Cebu Landmasters Inc. (CLI) grew its net profit last year by 66 percent to P1.29 billion, exceeding its goal for the year, on higher earnings from residential development and leasing businesses.
CLI is targeting a net profit of P1.2 billion for this year.
“It’s our banner year and in 2018, we will continue to deliver outstanding value as we aim to become the leading local real estate developer in the VisMin (Visayas-Mindanao) region,” CLI chair and CEO Jose Soberano III said in a statement.
CLI’s revenue hit P3.93 billion, 66 percent higher than the level a year ago.
Revenue unlocked from real estate sales surged by 67 percent to P3.87 billion, accounting for the lion’s share of revenue. This was attributed to on-track construction progress and record sales of its various developments.
Launched in 2015, the Casa Mira Towers Labangon, MesaVerte Residences in Cagayan de Oro, Baseline Center Phase 1 in Cebu City (where Citadines Cebu City, Baseline Premier and Baseline HQ are located), and Casa Mira South Cebu have already reached fully-sold status and are expected to be completed and delivered on time this year.
The leasing business grew 17 percent to P46 million. CLI intends to grow this significantly by 2019 with the scheduled completion of Latitude Corporate Center, Baseline Retail, and start of operations of its hospitality project, Citadines Cebu City, Soberano said.
CLI expects seven projects to start providing recurring income by 2020. These are lyf Cebu City, Citadines Riverside Davao, Citadines Bacolod, Astra Hotel in Mandaue Cebu, Astra Corporate Center Mandaue Cebu, Astra Center Mall in Mandaue Cebu and 38 Park Office in IT Park Cebu. —DORIS DUMLAO-ABADILLA
