VisMin developer Cebu Landmasters, Inc. (CLI) reported a 40 percent growth in net income to a record P1.55 billion in the first half of the year on the back of strong sales and project completions.

In a disclosure to the Philippine Stock Exchange, the firm said that, without the adjustment from CREATE law, CLI grew its earnings attributable to parent by 18 percent from the P1.1 billion reported in the same period last year.

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,” said CLI Chairman and CEO Jose Soberano III.

He added that, “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.”

Real estate sales agrew by a robust 45 percent to Php7.36 billion in the first half of 2022 from P5 billion in the same period last year.

All other business units continued to improve performance as the firm fast-tracked construction and strengthened operations. These resulted in higher percentage of completion, paving the way for more units to qualify for revenue collection.

CLI’s economic housing brand Casa Mira accounted for the largest share of first half 2022 revenues indicative of the significant housing backlog in key VisMin cities.

A hefty 40 percent of first half 2022 revenues came from Cebu; with Davao following at 16 percent; Cagayan de Oro, 15 percent; Iloilo, 12 percent; and the balance from Ormoc, Bacolod, Dumaguete and Bohol.

With CLI’s portfolio now encompassing over 15 key VisMin locations, the company sees increased contributions from its new expansion areas in the coming quarters.

The firm’s first-half leasing business expanded by 20 percent year-on-year as both office demand and retail foot traffic saw a healthy rebound especially in Cebu.

With heightened tourism activity accompanied by increased mobility in Vismin, CLI’s hospitality business registered a 271 percent growth as occupancy rates significantly improved.

CLI’s capital expenditures rose by 42 percent to P5.5 billion from last year’s P3.88 billion, with most of the amount earmarked for project development while 22 percent was spent on land banking including the purchase of a 17-hectare expansion site in Butuan City.