CEBU Landmasters, Inc. (CLI) reported a 23% increase in its net income attributable to parent during the first three months of 2019, on sustained sales of its projects in Cebu.
The listed property developer said attributable net income stood at P599 million in the first quarter, higher than the P486 million recorded a year ago.
Revenues rose by 48% to P1.87 billion during the period from P1.264 billion last year.
“Our positive financial results are motivated by our vision to be the leading and preferred developer in Visayas and Mindanao,” Jose R. Soberano III, chief executive officer of CLI was quoted saying in a statement.
“We have sustained our growth momentum as we continue to be highly effective in the construction and delivery of our projects. It is our commitment to deliver on-time, high quality products to our customers,” he said.
Reservation sales also recorded growth during the period by 29% to P3.877 billion, as it launched new projects, namely One Paragon Place and Citadines Paragon in Davao and Casa Mira Towers in Cagayan de Oro.
Sales were driven by the Garden series, the company’s mid-market brand, accounting for 36% of the total. Meanwhile, economic housing brand Casa Mira accounted for 31% of the total revenues, and the high-end brand Premier Series for 29%.
Based on location, Cebu projects accounted for 58% of the total revenues, while new expansion areas like Bacolod, Dumaguete, Cagayan de Oro, and Davao have started to show notable contributions to revenue by 15%, 12%, 8%, and 6%, respectively.
This year, the company is targeting to reach P12.5 billion in reservation sales, from P9.8 billion in 2018.
“We are on-track to achieve the guidance we provided for the year 2019. We reaffirm our target to grow our consolidated revenue to P8.4 billion, consolidated net income to P2.6 billion and parent net income attributable to P2 billion,” Mr. Soberano said.
As of the first quarter of 2019, Cebu Landmasters has 58 projects, with 27 of which are completed, and 31 still being completed. Within the year, the company is also targeting to launch 26 more projects.
Shares in Cebu Landmasters went up by 4.26% or 0.2 centavos to close at P4.90 each at the stock exchange on Wednesday. — Vincent Mariel P. Galang