CEBU Landmasters, Inc. (CLI) reported its net income attributable to parent company’s shareholders increased by 356% to P794.24 million in the third quarter from P174 million a year ago, on higher real estate sales and rental revenues.
In a regulatory filing, CLI said real estate sales more than doubled to P2.4 billion in the July to September period, from P1 billion a year ago. Rental revenues rose 54% to P18.98 million, while management fees surged 130% to P15.9 million.
The Cebu-based property developer said in a separate statement its attributable net income in January to September jumped 77% to P1.6 billion, up from P932.7 million in the same period last year.
Revenues during the three quarters reached P5.9 billion, up 61%, driven by record-high reservation sales that reached P9.2 billion or 29% higher from last year.
The company said its mid-market residential segment was the main driver of growth at P2.14 billion, followed by its economic segment that posted P1.91 billion in sales, high-end segment that generated P1.7 billion and office sales that ended at P84.8 million.
Cost of sales during the period stood at P3.02 billion, up 60% from last year.
“Our fast-selling projects give us confidence that we will achieve our top-line and net income growth targets for the end of the year. The numbers reflect our operational excellence and commitment to responsible development,” Cebu Landmasters Chief Executive Officer Jose R. Soberano III said in the statement.
The company is banking on the 29% growth in reservation sales take-up to P2.94 billion during the nine-month period. This represents about 3,472 units sold for an average of P2.7 million.
Shares in Cebu Landmasters at the stock exchange added 0.14 points or 2.98% to close at P4.84 each on Wednesday. — Denise A. Valdez
