CEBU Landmasters, Inc. (CLI) booked a 6% decline in attributable profit for the second quarter of 2019, as most of the projects completed for the period were part of joint ventures.

In a regulatory filing, the Cebu-based property developer reported a net income attributable to the parent of P255.8 million in the April to June period. This came on the back of a 20% increase in revenues to P1.63 billion.

“That’s a result of the percentage of completion. Most that have been completed in the first half is mostly for joint ventures, that’s why it’s slower,” CLI Chief Finance Officer Beuregard Grant L. Cheng said in a media and analysts’ briefing in Taguig yesterday.

For the first half, net income attributable to the parent climbed 13% to P854.34 million following a 34% uptick in revenues to P3.495 billion.

The listed company said it remains on track to hit an attributable profit of P2 billion for full year 2019, as unrecognized revenues totaled P12.9 billion by end-June.

“Internally, we’re pretty much on track and we’re pretty confident of hitting our guidance numbers,” Mr. Cheng said.

The company attributed its growth in the first half to high-end projects such as 38 Park Avenue in Cebu City, as well as the on-time construction of its projects that allows it to quickly turn over the units.

Reservation sales for the period stood at P5.26 billion, driven by the sales of its newly launched residential project called One Paragon Place in Davao City which is now 78% sold out.

CLI also benefited from its growing leasable portfolio, as it generated a 16% increase in revenues to P27.7 million. The company ended the first half with 11,815.15 square meters (sq.m.) in gross leasable area, with another 69,234 sq.m. under construction. It targets to have 200,000 sq.m under its network by 2023. — Arra B. Francia