Developer Cebu Landmasters, Inc. (CLI) reported a strong performance in the first nine months 2019, with revenues growing 59% and consolidated net income increasing by at almost the same pace of 58%.
In a statement, CLI attributed its strong growth to its mid-market residential segment, which contributed 36% of the total revenues.
The Casa Mira projects, its economic housing brand, contributed 32% while the high-end segment accounted for 29%.
“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,” CLI chief executive officer Jose R. Soberano III said.
The company said its revenues increased 59% to P5.9 billion in the January to September 2019 period from P3.7 billion in the same period in 2018.
Consolidated net income also went up by 58% to P1.9 billion from P1.2 billion. Net income attributable to parent grew by 77% to P1.65 billion from P932.7 million.
CLI launched nine projects in 2019:
Davao Global Township – Phase 1 (Davao);
One Paragon Place (Davao),
Citadines Paragon Davao (Davao);
Citadines Bacolod City (Bacolod);
MesaVirre Garden Residences C (Bacolod);
Casa Mira Bacolod (Bacolod);
Velmiro Plains Bacolod (Bacolod);
Casa Mira Towers CDO (CDO); and
Mivela Garden Residences (Cebu).
The Mivela project, which will rise near the Montebello Villa Hotel, set new records with 80 percent of the project sold in just three weeks from launch date.
Projects in Cebu still make up the bulk of CLI’s portfolio and contribute 58% to the company’s revenues.
Developments in Bacolod and Cagayan de Oro accounted for 13% and 12%, respectively.
In the third quarter alone, the projects in Cebu contributed 61% to revenues, followed by Cagayan de Oro with 19% and Davao with 14%.
The company’s leasing portfolio, meanwhile, grew by 29% to P46.72 million from P36.20 million year-on-year because of the increase in gross leasable area (GLA) following the recent turnover of Base Line Retail and Casa Mira Towers in Labangon.
These brought the aggregate GLA for the period to 13,806 square meters while occupancy rate rose to 84%. (Ventures Cebu)