Cebu Landmasters Inc. (CLI) reported a 66 percent jump in attributable net income to P1.32 billion in the first half of 2021 from the P792 million earned in the same period last year.

In a statement, the VisMin developer said the first semester results show that it is set to surpass its growth targets for the year.

Profit growth was driven by the 46 percent hike in revenues to P5.1 billion in the first half of the year from the P3.5 billion in real estate sales generated in the same period of 2020.

The figure covers a range of housing developments catering to buyers from various segments with 47 percent attributed to CLI’s economic brand Casa Mira which also posted the highest growth of 206 percent year-on-year, propelled by strong sales and increases in construction progress.

CLI said construction activity in its ongoing project sites is now at an average of 97 percent. It is in full swing in major sites like Cebu, Dumaguete and Bohol while others post activity at 90 percent and higher, hampered only by quarantine restrictions.

Strong and stable demand for safe and quality homes due to the pandemic, from buyers across the spectrum pushed reservation sales up 12 percent to a record P8.3 billion from P7.4 billion year-on-year.

Six residential projects worth P11 billion bearing CLI’s economic, mid- and high-end brands were launched in the first half of 2021 in Cebu, Iloilo and Ormoc.

The firm said real estate sales will be complemented by recurring income from CLI’s leasing and hotel business currently hampered by the pandemic but has been timed to roll out as the local and global economy fully recover from the aftermath of COVID 19.

CLI is growing its hotel portfolio to 1,433 rooms by 2025 when the tourism industry is anticipated to already bounce back.

In the meantime, the completion of five projects in the first half of 2021 has also strengthened operating cashflows generating P5 billion in collections upon take-out and turnover.

CLI is proactively launching new projects to ensure adequate inventory to serve strong market segments, said CLI Chief Executive Jose Soberano III.

“Housing has proven to be resilient and sustainable since it is now, more than ever, considered a basic need especially with the extended pandemic,” he said. – James Loyola

Published in Manila Bulletin