Earnings of Cebu Landmasters, Inc. (CLI) jumped by a third during the first six months of 2018, lifted by higher sales from its residential business amid its ongoing expansion in the Visayas and Mindanao markets.
In a statement issued Monday, Aug. 13, the listed property developer said net income hit P826 million in the January to June period, higher than the P633 million it generated in the same period a year ago. This constitutes less than half of the P1.7 billion profit target.
Revenues surged 45% to P2.6 billion, or around half of its full-year target of P5.3 billion.
“With record-breaking sales accompanied by our fast turnaround development, we are confident that this momentum can be sustained,” CLI President and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.
The Cebu-based firm also noted that it has already fully utilized the funds raised from its initial public offering last year amounting to P2.1 billion. A total of 94% of the IPO proceeds were used for the purchase of key land properties and for joint ventures. With this, CLI’s land bank now stands at 976,302 square meters, 55% higher than what it had at the time of the IPO. All of CLI’s properties are in the Visayas and Mindanao area.
CLI has recently raised P5 billion from the issuance of corporate notes to further finance its ongoing expansion. — Arra B. Francia