LISTED Cebu Landmasters, Inc. (CLI) posted a net income growth of 21% in 2019, driven by higher reservation sales and the expansion of its leasing and hotel portfolio.
In a statement on Wednesday, the listed Cebu-based property developer said its net income last year stood at P2.01 billion, surpassing its target of reaching P2 billion.
Consolidated revenues jumped 26% to P8.5 billion, largely coming from the opening of its hotel Citadines Cebu City in the third quarter.
Real estate sales made up P8.39 billion of the revenues, growing 25% from a year ago. Rental income increased 10% to P63.2 million and management fees jumped 185% to P36.8 million. The new revenue stream from hotels added P8.5 million.
Cost of sales rose 37% to P4.3 billion, operating expenses jumped 28% to P1.15 billion and interest expenses dropped 66% to P44.9 million.
“We are proud to report our record-setting year in 2019. Our momentum is building up very well, as evidenced not only by our strong financial results, market leadership and diversification, but also by our healthy balance sheet with our asset base more than tripling from P11.5 billion in 2017 to P38.2 billion in 2019,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in the statement.
The company continues to plan new projects this year to be built in Iloilo, Bohol, Ormoc and Palawan. CLI’s landbank currently stands at 1,245,485 square meters. It has 28 projects in the pipeline worth P30 billion of launches.
“We are positioned strongly in Vismin, and the growing need for residential end-user and investment options is still there. While the entire market navigates through unforeseen headwinds in Q2 2020, CLI is committed to sustain its momentum and more importantly be part of the private-sector efforts to support our frontliners, LGUs, and affected stakeholders at this time,” Mr. Soberano said.
Shares in CLI at the stock exchange climbed 16 centavos or 4.22% to P3.95 each on Wednesday. — Denise A. Valdez
