Cebu Landmasters Inc. booked a first-half attributable net income of P1.68 billion, up 9 percent from P1.55 billion a year ago on the back of solid results across all revenue streams.
CLI said in a stock exchange filing consolidated revenues increased 23 percent year-on-year to P9.15 billion, driven by higher construction progress and take-up of new launches.
“Residential demand continues to heavily outweigh supply in the Visayas and Mindanao regions, especially in the middle-market and economic segments which comprised the bulk of our launches,” CLI chairman and chief executive Jose Soberano III said.
“CLI remains to be at the forefront of the action, while maintaining a strong financial and operational discipline in order to healthily sustain the company’s growth. This is the CLI way,” Soberano said.
First-half reservation sales reached a record P10.5 billion, up 36 percent from a year ago, as the company launched six projects worth P13.5 billion.
Reservation sales came the strongest from Davao, comprising 35 percent of the total in the period, as the company opened its first house-and-lot project in the province in June.
CLI said there was also a strong take-up of projects in Cebu, which accounted for 31 percent of reservation sales, while Bohol produced 15 percent. The rest came from projects in Bacolod, Palawan, Iloilo and Dumaguete.
Rental revenues grew 41 percent to P50 million on strategic rental increases and higher occupancy.
CLI’s hotel operations saw a 74 percent growth in sales due to travel and leisure sector resurgence.
The company said recurring income was expected to grow further with the opening of three more hotels this year, including lyf Cebu City, Citadines Bacolod City and CLI’s first co-living brand The Pad Co-Living in Banilad Cebu City.
CLI plans to launch a residential project in Butuan in the second half and expand its presence in Mindanao with the recent acquisition of a 21-hectare property in General Santos City.
“With the remarkable results we’ve attained in the opening half of 2023, CLI is confidently progressing towards its outlined objectives, including the much-awaited strategic expansion in Luzon,” Soberano said.