LISTED property developer Cebu Landmasters, Inc. (CLI) posted a 9% increase in its nine-month attributable net income amid higher revenues across its business segments.
In a regulatory filing on Tuesday, CLI said its bottom line from January to September rose to P2.4 billion from P2.2 billion a year ago.
The company’s gross income climbed 18% to P12.93 billion from P10.96 billion last year.
“Across segments, CLI’s real estate unit continued to be the primary driver of the company’s revenue. The sector posted a remarkable 17% increase, propelled by ongoing construction progress and higher units that qualify revenue recognition,” CLI said.
CLI’s sales improved 25% to P17 billion led by its economic brand Casa Mira, which accounted for 52% of total sales.
“The listed company successfully launched 3,664 units valued at P14.87 billion as of end-September, contributing to an exceptional 93% sell-out status for all projects in various stages of development,” CLI said.
The company said its hotel portfolio revenue also improved 78% during the period on the back of room rates and increased occupancy, while its leasing business had a 43% surge in revenue led by a 71% rise in occupancy rates.
“We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI’s commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI Chairman and Chief Executive Officer Jose R. Soberano said.
“We are honored to be of service to our primary market, the Visayas/Mindanao region. Rest assured, we remain committed to fulfilling our promise of customer-centric development. Our achievements inspire us to continually enhance our services for all stakeholder,” he added.
Meanwhile, CLI said it plans to launch two to three additional projects this year such as Casa Mira Homes Butuan, which is projected to generate P2 billion in sales.
The company also plans to open three new hotels in the next few months, namely: The Pad Co-Living in Banilad High Street, lyf Cebu City in Base Line Center, and Citadines Bacolod City.
“Additionally, an expansion project is in the works for the highly successful Calle 104, which achieved remarkable sales in a short span of time. CLI is also finalizing its first-ever site in Luzon, located in Naga City,” the company said.
Shares of CLI at the local bourse fell seven centavos or 2.71% to end at P2.51 apiece. — Revin Mikhael D. Ochave