CLI books record first half profit | Inquirer Business

CLI books record first half profit

/ 05:37 PM August 12, 2022

The Soberano family-led Cebu Landmasters Inc. (CLI) booked record profits in the first half of the year as capital investments surged 42 percent to P5.5 billion to lock in strong demand for its projects in Visayas and Mindanao.

From January to June this year, CLI’s net income jumped 40 percent to P1.55 billion while real estate sales reached P7.36 billion, up 45 percent from the same period in 2021.

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Gross profit margin was maintained at 45 percent despite cost pressures from the steep rise in the prices of raw materials and other inputs.

“We are on track to achieve another record year and there are several strong indicators for CLI to achieve its growth guidance of 20 percent this year,” Jose Soberano III, CLI chair and CEO, said in a statement.

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“With our expanding portfolio and with our operations tailored to provide the strongest ‘ground game’ in the region, CLI is best-positioned to address the growing housing backlog while extending best-in-class turnaround times and customer service,” he added.

Franco Soberano, CLI chief operating officer, said capital expenditures would reach P13 billion for 2022.

Investments in the fist half mostly went to project development activities while 22 percent was spent on land purchase, including a 17-hectare site in Butuan City.

The builder’s affordable housing brand, Casa Mira, continued to be the company’s primary sales driver.

By location, Cebu accounted for 40 percent of sales, followed by Davao (16 percent), Cagayan De Oro (15 percent) and Iloilo (12 percent). The remainder came from Ormoc, Bacolod, Dumaguete and Bohol.

Leasing sales improved 20 percent “as both office demand and retail foot traffic saw a healthy rebound especially in Cebu” while the hotel business climbed 271 percent as occupancy rates rose on the lowering of pandemic restrictions.

Meanwhile, the developer said it was developing new townships, including the 23-hecatre Davao Global Township (DGT).

Last July, CLI launched the P33 billion DGT, which is being marketed as the “most sustainable central business district” in Mindanao.

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TAGS: Cebu Landmasters, Mindanao, property, Visayas
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