By James A. Loyola
Cebu Landmasters (CLI) reported a 59 percent hike in consolidated net income to ₱1.9 billion in the first nine months of the year from ₱1.2 billion in the same period in 2018.
The firm disclosed that revenues also rose 59 percent to ₱5.9 billion in the first nine months of 2019 from the previous year’s record of ₱3.7 billion.
CLI attributed the growth to the strong performance of its mid-market residential segment, which accounted for 36 percent of the total revenue pie.
Casa Mira, the company’s economic residential brand, and high-end segment contributed 32 percent and 29 percent, respectively.
“Our fast-selling projects give us confidence that we will achieve our topline and net income growth targets for the end of the year. The numbers reflect our operational excellence and commitment to responsible development,” said CLI Chief Executive Officer Jose Soberano III.
CLI launched nine major developments in 2019 and projects in Cebu made up 58 percent of the period’s revenue contributors, followed by developments in Bacolod and Cagayan de Oro with 13 percent and 12 percent earnings input, respectively.
CLI’s leasing portfolio grew by 29 percent to P46.72 million from P36.20 million year-on-year. This is attributed to the increase in Gross Leasable Area to 13,806 square meters while occupancy rate rose to 84 percent.
Management fees, on the other hand, more than doubled from P11.2 million to P26.9 million due to the increase of the number of developments managed by CLIPM, the property management arm of CLI.
The said firm now oversees 17 projects, eight of which are house and lot subdivisions while the rest are offices and residential condominiums.
The third quarter also marked the operations of CLI’s first hotel representing a new revenue stream. As scheduled, Citadines Cebu City, a 180-room condotel opened in September.
The nine-month reservation sales take-up rose by 29 percent year on year to P9.24 billion. About 3,472 units were taken up at an average price of P2.7 million.