Cebu Landmasters Q1 Net Income up 41%

Cebu Landmasters, Inc., the leading local developer in Visayas and Mindanao posted a solid start to 2019. The company reported a 41% growth in net income to Php702 million in the first three months compared to the Php499 million in the same period last year. CLI’s net income attributable to parent likewise grew 23% to P599 million.

“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.” Jose R. Soberano III said in a briefing.

The company’s consolidated revenues for the first quarter rose 48% Year on Year to Php1.87 billion from Php1.264 billion.
“Our positive financial results are motivated by our vision to be the leading and preferred developer in Visayas and Mindanao.” Soberano said.

Revenues were mainly driven by its mid-market segment, Garden series representing 36% while economic housing, Casa Mira contributed 31% and Premier Series with 29%. Compared to the first quarter of last year, most of the revenues were from Casa Mira which accounted for 41%, Garden series and Premier series on the other hand posted 39% and 16% respectively. In terms of location, presence in Cebu remains to be strong representing 58% of the total revenues. New expansion areas on the other hand have started to post significant contribution with Bacolod at 15%, Dumaguete with 12%, CDO with 8% and Davao with 6%. In the same quarter of 2018, aside from Cebu with 61%, only areas of CDO and Davao recorded revenues with 34% and 4% respectively.

As an indicator of future growth, consolidated reservation sales in the first quarter rose to Php 3.877 billion versus Php3 billion in the same period last year. The company launched its new projects, One Paragon Place and Citadines Paragon in Davao and Casa Mira Towers in CDO. This is equivalent to 1,619 units compared to the 1,079 units last year.

For the full year, CLI is targeting reservation sales to rise to Php12.5 Billion from Php9.8Billion last year.

Meanwhile, the company’s leasing revenue grew 23% as total gross leasable area (GLA) increased to 10,110sqm from 8,952sqm after turning-over retail spaces in Casa Mira Towers Labangon.

Soberano said that there is a total of 69,770 sqm of GLA under construction of which 5,105 sqm will be completed within the year. Furthermore, additional 78,274 sqm will be rolled-out to achieve its goal of 200,000 sqm of GLA in 2023.

“We are on-track to achieve the guidance we provided for the year 2019. We reaffirm our target to grow our consolidated revenue to Php 8.4 Billion, consolidated net income to Php 2.6 billion and parent NIAT to Php 2 billion.”

As of the first three months of 2019, the company has a total of 58 projects in its portfolio, 27 of which are completed while 31 are on-going. Another 26 are in the pipeline and will be launched within the year.

Image result for Cebu Landmasters launched The Paragon Davao, a mixed-use development envisioned to provide Davao City with endless possibilities for one to live, thrive and celebrate. The development has prime residential towers, internationally renowned hotel, top of the line convention facilities and a lifestyle mall
Cebu Landmasters launched The Paragon Davao, a mixed-use development envisioned to provide Davao City with endless possibilities for one to live, thrive and celebrate. The development has prime residential towers, internationally renowned hotel, top of the line convention facilities and a lifestyle mall
Image result for Cebu Landmasters also launched another major development in Cagayan de Oro City: Casa Mira Towers CDO.
Cebu Landmasters also launched another major development in Cagayan de Oro City: Casa Mira Towers CDO.

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