By Madelaine B. Miraflor
Leading VisMin property firm Cebu Landmasters Inc. (CLI) said that both its revenues and net income will grow this year on the back of higher sales expectations.
In a statement, CLI revealed that its consolidated revenues is projected to grow by 25 percent to P8.4 billion as more projects will progress, while its income is projected to grow 20 percent for both consolidated and parent to P2.6 billion and 2 billion, respectively.
This, as the company expects a 28 percent increase in reservations sales or up to P12.5 billion.
In 2018, CLI reported a P2.17 billion net income, an earnings hike of 72 percent compared with the previous year’s P1.26 billion. Net income attributable to parent company also grew 36 percent year-on-year to P1.66 billion.
Its revenues, on the other hand, went up by 72 percent to P6.76 billion during the period.
CLI attributed this growth to robust sales performance and to the higher number of projects that were under construction in 2018.
These projects include MesaTierra Garden Residences in Davao, MesaVirre Garden Residences in Bacolod, as well as Mivesa Garden Residences Phase 3, Casa Mira South, and Latitude Corporate Center — the last three are located in the company’s home province of Cebu.
“All these led to our robust financial performance and sustained momentum,” said CLI president and CEO Jose Soberano III.
“We introduced a full range of developments in 2018 to fill opportunities offered by various VisMin markets – from residential condominiums and subdivisions to mixed-use projects and hotels. And, in the last quarter, we broke ground on the Davao Global Township (DGT), our first township project,” he added.
About 64 percent of CLI’s total 2018 revenue came from its projects in Cebu. Developments in Davao and Cagayan de Oro accounted for 12 percent and 11 percent, respectively, while new expansion sites in Bacolod and Dumaguete took up the remaining allocation.
In 2017, aside from Cebu project generating 81 percent of total earnings, only Cagayan de Oro reported revenues for the year.