Property developer Cebu Landmasters Inc. (CLI) said Tuesday its net income in the first nine months of 2023 climbed 9 percent to P2.4 billion from P2.2 billion in the previous year, on the back of a double-digit growth in sales across all of business segments.
CLI in a disclosure to the stock exchange said nine-month revenue went up 18 percent to P12.93 billion from P10.96 billion the previous year on higher construction progress and strong take-up of new launches.
“We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI’s commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI chairman and chief executive Jose Soberano III said.
Its real estate unit continued to be the primary driver of the company’s revenue, registering a 17-percent increase in sales to P12.7 billion from P10.8 billion in 2022.
Casa Mira, CLI’s flagship economic brand, accounted for 52 percent of total sales, underscoring continued strong demand for housing in the economic market.
It launched 3,664 units with total sales value of P14.87 billion in the first nine months of 2023. Reservation sales also grew 25 percent year-on-year to P17 billion.
Meanwhile, the increase in share in revenue outside Cebu were driven by new projects such as East Village Residences, Casa Mira Towers Bacolod, Casa Mira Towers Palawan and Costa Mira Beach Panglao.
Its hotel portfolio revenue surged 78 percent during the period, fueled by both higher room rates and increased occupancy while its office leasing business saw a 43 percent increase in revenue, driven by a 71 percent rise in occupancy rates.
CLI recently formed a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments.
This is CLI’s first foreign joint venture partnership and is geared towards the development of premium-grade residential towers in the heart of Cebu City.
