Cebu Landmasters stays on goals after better Q1
Cebu Landmasters Inc. (CLI) is maintaining its goal of building P36 billion worth of projects this year after seeing robust first-quarter earnings.
According to the Soberano-led developer, demand in its key markets has likewise boosted its prospects for the Luzon market, where Metro Manila is still seeing an oversupply in residential inventory.
“Demand remains resilient in the VisMin (Visayas and Mindanao) region and Cebu Landmasters continues to offer value-for-money products well-suited to the needs of the homebuyers,” CLI chair and CEO Jose Soberano III said in their disclosure on Thursday.
“We’re building more than just developments, we’re shaping communities in VisMin and soon, Luzon,” he added. He noted that their strong “on-the-ground execution” could be an edge.
This came after CLI posted a 12-percent growth in its bottom line during the first three months of the year, with P1.32 billion. This was buoyed by its geographic expansion and sustained demand.
CLI’s consolidated revenues likewise climbed by 4 percent to P6.51 billion, with property sales making up 97 percent of the total.
Real estate sales inched up by 2.8 percent to P6.32 billion, thanks to construction progress and demand for residential lots.
Reservation sales jumped by 19 percent to P6.3 billion after CLI launched P6 billion worth of new residential inventory during the period.
Revenues from its hotel and leasing business, meanwhile, more than doubled to P157 million, mostly because of improved occupancy rates.
Broken down, the top line of its hospitality unit ballooned by 161 percent to P105 million as the company benefited from three new hotels launched.
Leasing income surged by 56 percent to P54 million on gains from the turnover of newly occupied office and retail spaces.
Over the next months, CLI plans to spend P36 billion on new projects.
