Robust residential sales pulled up CLI profit by 14% as of March
Soberano family-led Cebu Landmasters Inc., (CLI) a fast-growing property developer focused on Visayas and Mindanao, said first quarter 2022 profits jumped 14 percent to P811 million due to the “stellar performance” of its residential and other business segments.
Against this backdrop, Cebu Landmasters was also poised to exceed its target to grow full-year earnings by 20 percent from P2.61 billion in 2021, briefing materials from the company showed.
“We are pleased that we began the year strong with robust sales and swift construction pick up of new projects,” Jose Soberano III, chair and CEO of Cebu Landmasters, said in a statement.
“We remain ready to make the most of opportunities presented by the fast-recovering VisMin economy,” he added.
The builder ended the period with revenues of P3.56 billion, up 53 percent. Sales take-up was also up 36 percent to P4.5 billion after buyers swamped condominium units at its Davao Global Township project.
Cebu Landmasters booked higher sales revenue from the ongoing construction of its projects.
On top of sales, rental revenues in the first quarter rose 28 percent to P18 million.
This was due to the increase in leasing earnings from the newly completed Latitude Corporate Center.
The company’s total hotel revenues also reached P16 million, up 284 percent, as trade and tourism steadily recovered in the first three months of the year.
During this period, Cebu Landmasters launched the Astra Corporate Center in Cebu and new phases of Velmiro Plains Bohol and Casa Mira Dumaguete.
The developer said it had sold 89 percent of all projects “in the various stages of development across VisMin.”
The company is allocating P13 billion in capital spending for the year to acquire land and to cover other expenses. So far, the company had spent P2.6 billion or 20 percent of its full-year budget. INQ
