Cebu Landmasters nets P599M

MANILA, Philippines — Property developer Cebu Landmasters Inc. (CLI) posted a 23 percent year-on-year growth in attributable net profit for the first quarter amounting to P599 million, riding on the strong momentum in the Visayas-Mindanao region.

Including earnings attributable to minority interest, CLI saw a 41-percent net profit growth amounting to P702 million for the first three months.

“We have sustained our growth momentum as we continue to be highly effective in the construction and delivery of our projects. It is our commitment to deliver on-time, high quality products to our customers,” CLI president Jose Soberano III said in a press statement on Wednesday.

“We are on track to achieve the guidance we provided for the year 2019. We reaffirm our target to grow our consolidated revenue to P8.4 billion, consolidated net income to P2.6 billion and parent NIAT (net income after tax) to P2 billion,” he added.

Consolidated revenues for the first quarter rose by 48 percent year-on-year to P1.87 billion.

Revenues were mainly driven by its mid-market segment brand, which accounted for 36 percent of total business. Economic housing under the brand Casa Mira contributed 31 percent while the high-end business contributed 29 percent.

As an indicator of future revenue growth, consolidated reservation sales in the first quarter rose by 29.2 percent year-on-year to P3.88 billion. For the full year 2019, CLI aims to hit reservation sales of P12.5 billion compared to P9.8 billion last year.

Meanwhile, the company’s leasing revenues grew by 23 percent as total gross leasable area (GLA) increased to 10,110 square meters from 8,952 square meters. (Editor: Mike U. Frialde)