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CLI reports 13% growth in first quarter revenues

June 2, 2020

Residential developer in VisMin Cebu Landmasters reported yesterday solid Q1 2020 growth of 13 percent year-on- year in consolidated revenues from ₱1.87 billion to ₱2.1 billion.

The increase in revenue was driven by robust sales from various segments and sustained construction of new developments alongside growing contributions from its expanding recurring business. Net income amounted to ₱572 million. CLI’s gross profit margin of 50% and net income margin of 31% for the year is within the company’s target ratios and above industry average.

During the first five months of the year, the company registered ₱4.8 billion in reservation sales take-up or close to its 1H 2019 level of ₱5.26 billion. Sales of ₱2 billion driven by its economic housing brand Casa Mira were recorded in the months of April and May, a period widely forecast to have little economic activity. Overall, CLI’s unsold inventory is down to only 10% of total inventory.

Cebu Landmasters said it continues to address the still under¬served demand for residential projects in Visayas and Mindanao through its wide network of partner brokers and sales agents. The listed firm has digitalized buyer transactions from end-to-end and made payment terms more affordable and attractive to customers.

“We expect demand for quality housing and residential units to rise prompted by the greater desire for safer and better planned living environments in the aftermath of COVID-19. Over the years, CLI has built a reputation for offering great value to its buyers and is ideally positioned to serve this rising demand,” Soberano said.

To fund these expansions, Cebu Landmasters has secured ₱8 billion worth of corporate notes and several bilateral facilities with major banks, tailored per project.

Published in Manila Bulletin