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Cebu Landmasters earnings rose by 77%

November 20, 2017

HOMEGROWN property developer Cebu Landmasters, Inc. (CLI) booked a nine-month net profit of P959.8 million, up by 77 percent year-on-year on higher earnings from its real estate operations.

In a disclosure to the Philippine Stock Exchange (PSE) this week, CLI said its total revenues as of end-September 2017 reached P2.769 billion, a 67-percent year-on-year growth driven by strong performance across all business units.

The company’s real estate segment, comprising a big chuck of its revenues, increased by 68 percent to P2.736 billion in 2017 from P1.625 billion in 2016.

“The said increase was primarily attributed to the robust sales and on time construction progress from newly constructed projects, Casa Mira Linao, Mivesa Residences building 5, Casa Mira Towers, Mesaverte Residences, Baseline Center and Citadines,” the publicly listed firm said.

To read Cebu Daily News’ full story, please click here.