Higher sales lift Cebu Landmasters profit

VISAYAS-MINDANAO property developer Cebu Landmasters Inc. (CLI) posted a 28-percent growth in nine-month consolidated net income, to P3.0 billion from P2.4 billion, following a 25-percent rise in sales.

In a disclosure on Tuesday, CLI said sales from January to September increased to P17 billion, with its flagship economic brand, Casa Mira, contributing 52 percent.

The improvement was said to have been anchored on the continued strong demand for housing in the economic market.

“We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country,” CLI Chairman and CEO Jose Soberano 3rd said in a statement.

For the nine months ending September, the property developer’s attributable net income expanded by 9.0 percent to P2.4 billion from the previous year’s P2.2 billion.

Gross income during the period climbed by 18 percent to P12.93 billion from P10.96 billion on the back of double-digit growth recorded across all its business segments.

The real estate business remained the company’s main revenue driver, booking a 17-percent increase due to ongoing construction progress and higher units that qualify for revenue recognition.

CLI also saw its hotel portfolio revenue jump by 78 percent while revenues from its leasing business ballooned by 43 percent.

The company added that it spent a total of P10.4 billion in capital expenditures throughout the period, mostly allocated for project development.

CLI shares slipped by seven centavos to P2.51 apiece on Tuesday.