Cebu Landmasters Inc. (CLI), a leading developer in the Visayas and Mindanao, reported a 24-percent increase in first-half net income to P1.7 billion from P1.37 billion in the same period last year.
First-half revenues rose 24 percent to P11.31 billion from P9.15 billion a year earlier, CLI said in disclosure to the stock exchange Friday.
The company attributed the strong first-half results to the ongoing construction progress, a substantial rise in hotel and leasing revenues and an increase in new units qualifying for revenue recognition, alongside a one-off lot sale.
CLI chairman and chief executive Jose Soberano III expressed confidence in sustaining the growth trajectory, citing upcoming projects and further expansion into new markets.
The company saw a significant growth in its hotel segment, with the addition of two operating hotels—lyf Cebu City and The Pad Co-Living, complementing the existing Citadines Cebu City.
CLI expects further growth with the opening of the 200-room Citadines Bacolod City and increasing MICE bookings.
CLI launched four new projects valued at P8.3 billion in the first half. These include Tower 6 of The East Village in Davao, Tower 5 of Casa Mira Towers Palawan, Casa Mira Homes Butuan and Velmiro Heights Davao.
The demand for CLI’s residential projects remains strong, with new developments selling out rapidly, such as Velmiro Heights Davao, which sold out in less than two days.
Reservation sales in the first half reached P11.6 billion, up 10-percent year-on-year. Nearly half of the reservation sales came from Davao projects.
CLI raised P4.28 billion in April through an oversubscribed preferred shares offering, which will be used to fund expansion plans.
The company invested P6.76 billion in capital expenditures in the first six months, with 67 percent allocated to project development and 19 percent to land acquisition.
It is finalizing negotiations for land acquisitions to support its strategic expansion into both established and new markets.
