Homegrown property developer Cebu Landmasters Inc. (CLI) is on track to surpass the P1.2-billion net income year-end target as it grew its third-quarter 2017 profit by 105% on the back of record real estate earnings.
This was disclosed by CLI in its annual stockholders meeting held on November 6 at the Cebu City Marriott Hotel.
The listed developer, a major powerhouse in the Visayas-Mindanao (VisMin) region, reported its year-to- date net income after tax at P940 million, significantly exceeding previous year’s P459 million.
The Cebu-based property company attributed this stellar income report to the 68% hike in real estate revenues in the past quarter to P2.736 billion from P1.625 billion a year ago.
CLI earlier reported that reservation sales in the first nine months reached P3.66 billion, 26 percent more than the P2.9 billion in reservations sales registered for the entire 2016.
“We’re very pleased with our company’s performance this year, but we still have more projects to launch for the balance of the 2017.,” CLI president and chief executive officer Jose Soberano III said.
Key projects scheduled to be launched in the fourth quarter include the mixed-use Astra Centre in Cebu City which will feature 10,000 square meters of retail space, 467 residential units and 158 hotel units; the 727-unit Casa Mira Towers in Guadalupe, Cebu; and the 351- unit Base Line Prestige residential condominium, also in Cebu.
The developer offers projects across the economic spectrum and is largely focused on the mid-market and economic housing segments, which respectively account for 43.92% and 40.55% of its residential project mix. High-end residential projects accounts for 14.46%; socialized housing at 1.07%.
The company also said proceeds from its May initial public offering have been utilized ahead of schedule. About 28% of the P2.02 billion in net proceeds have been employed in key land acquisitions and joint venture investments.
There are 42 projects in its current portfolio in various stages of construction, cumulatively valued at P45.02 billion. Residential condominiums account for the largest share in CLI’s project mix at 52%, followed by residential subdivisions at 26%. Commercial developments account for a 16% share in the mix while hotel projects hold the remaining 6%