VisMin developer Cebu Landmasters, Inc. (CLI) posted a 27 percent growth in net income for the first nine months of 2018, according to a recent company disclosure. The listed firm reported net earnings of P1.22 billion from P959.8 million over the same period last year.
Consolidated revenues for the period registered at P3.7 billion, up by 33 percent from the previous year’s P2.8 million.
The company’s strong performance was attributable to robust sales and the construction progress of residential developments mostly in Cebu and in Cagayan de Oro City that have squarely addressed the needs and aspirations of mid-income earners, OFWs and other segments.
CLI chairman and CEO Jose Soberano III observed that two of the Cebu projects carrying the highly popular CLI economic housing brand Casa Mira, the mid-range MesaVerte Residences in Cagayan de Oro and the mixed-use development Base Line Center in Cebu City were launched prior to the company’s listing in 2017.
He disclosed: “Our numbers do not yet reflect projects funded by the P2-billion investment Cebu Landmasters received following our initial public offering. Once these projects start contributing to our revenues, we expect CLI’s performance to achieve new levels.”
In the meantime, the company’s performance is further being sustained by newly launched high-end developments and new Casa Mira sites that altogether accounted for a record-breaking sales take up of P6.17 billion, 69 percent higher than the previous year’s figure.
CLI also showed improvements in its leasing income which grew by 15 percent from P31.4 million to P36.2 million year on year due to higher occupancy and modest rate increases.
Soberano stated that CLI’s future growth would come from more diversified income sources including estate development and an industrial park.
The company will launch this month the 22-hectare Davao Global Township envisioned to be Mindanao’s premier business district in the medium term. It also soon expects to fulfill compliance requirements related to the reclamation of the 100-hectare Ming-Mori Techno Business Park in Minglanilla, Cebu.
“We will sustain growth by aggressively addressing the needs of underserved markets in VisMin. Currently, we have 55 projects in different stages of development in 8 VisMin locations.
These are Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol,” said Soberano.
Early this year, the company projec