LISTED Visayas-Mindanao developer Cebu Landmasters, Inc. saw a 9% rise in attributable net income to P1.68 billion for the first half from P1.55 billion a year prior amid a rise in revenues, an official said.
“CLI [took] opportunities of the advantages we have [as] we continued to grow at a strong pace…this is driven by a strong growth in revenue across all our segments; from premium, middle market, and affordable segments,” CLI Chief Operating Officer Jose Franco B. Soberano said in a media briefing on Thursday.
The company reported that consolidated revenues for the six-month period went up by 23% to P9.15 billion from P7.36 billion on the back of higher progress for construction and take-up of new launches.
CLI’s rental revenues went up by 41% to P50 million for the first semester, on the back of rental increases and higher occupancy rate.
Its hotel operation was further propelled by an increase in bookings and higher room rates at its Citadines Cebu City property, achieving 74% growth.
“[The] company is expected to grow its recurring income with three more hotels opening within the year, with the openings of lyf Cebu City, Citadines Bacolod City and CLI’s first co-living brand The Pad Co-Living in Banilad Cebu City,” it said in a disclosure.
CLI Property Management, Inc., its property management arm, reported a 26% increase in management revenues to P31 million after the completion of 28 projects during the period.
The majority of the company’s reservation sales, accounting for 35% of the period’s total, originated from Davao. CLI achieved substantial sales in the region by opening its inaugural house and lot project, achieving 80% sales within three days.
Furthermore, 31% of the sales were attributed to CLI’s Cebu operation, 15% from Bohol, 8% from Bacolod and Palawan combined, and the remainder from its properties in Dumaguete.
During the first half, the company launched six new projects worth a total of P13.5 billion. Its properties are no in 16 key cities throughout the country.
“CLI remains to be at the forefront of the action, while maintaining a strong financial and operational discipline in order to healthily sustain the company’s growth,” CLI Chairman, President and Chief Executive Officer Jose R. Soberano III said.
On Thursday, shares for CLI went up by 0.75% to P2.67 apiece. — Adrian H. Halili
