ALWAYS on track to meet the completion target of its development projects, Cebu Landmasters Inc. (CLI) cited on Wednesday a net income of P702 million in the first quarter (Q1) of 2019, 41 percent higher than the P499 million it posted in the same period last year.

Net profit attributable to the parent increased by 23 percent to P599 million.

CLI President and CEO Jose Soberano III attributed the company’s sustained growth momentum to continuous construction activities and prompt delivery of their projects.

“It is our commitment to deliver on-time, high-quality products to our customers,” he said. “Our positive financial results are motivated by our vision to be the leading and preferred developer in the Visayas and Mindanao.”

During the two periods in review, consolidated revenues rose 48 percent from P1.264 billion to P1.87 billion.

The firm’s top-line figures ending March 31, 2019, were mainly bolstered by the Garden series—its mid-market segment brand—representing 36 percent.

This was followed by Casa Mira (economic housing brand) at 31 percent and Premier Series (high-end) at 29 percent.

In the first three months of 2018, 41 percent of the revenues were from Casa Mira; the Garden series, 39 percent; and Premier series, 16 percent.

The regional developer has constantly made its presence felt in Cebu since all its projects located in the Queen City of the South contributed 58 percent to the total revenues.

New expansion areas have began to post significant shares, such as Bacolod accounting for 15 percent; Dumaguete, 12 percent; Cagayan de Oro (CDO), 8 percent; and Davao, 6 percent.

Following the turnover of retail spaces in Casa Mira Towers Labangon, leasing revenue of the firm surged 23 percent as total gross leasable area (GLA) hiked to 10,110 square meters from 8,952 sq.m. year-on-year.

Soberano said a total of 69,770 sq.m. of GLA is under construction, of which 5,105 sq.m. will be finished within the year.

An additional 78,274 sq.m. of GLA will be rolled out to hit their goal of 200,000 sq.m. of GLA in 2023.

Meanwhile, consolidated reservation sales from January to March 2019 reached P3.877 billion compared to P3 billion in the same period of 2018. — Roderick Abad

Published in Business Mirror