VisMin property firm Cebu Landmasters Inc. (CLI) is targeting a 15- to 20-percent growth trajectory for the year, its top executive said.
“CLI is expected to continue its growth trajectory, targeting a modest 15-percent to 20-percent upside,” CLI Chairman Jose Soberano 3rd said during the company’s stockholders meeting on Thursday.
CLI’s parent net income after tax shed 8 percent to P1.85 billion last year, while its full year revenues slipped by 2 percent to P8.3 billion in 2020.
Soberano also noted that the real estate company currently has 25 projects in its pipeline, 15 of which are residential developments worth P19 billion expected to be launched this year.
Soberano said this will supply over 7,500 additional units to the housing market in the the Visayas and Mindanao.
CLI has earmarked P12 billion for its capital expenditure for the year.
Soberano said the allocated budget will be used to expand its land bank, increase its total gross leasable area to 28,000 square meters, and complete its ongoing projects in its residential, offices, mixed-use, hotels and township segments.
CLI posted a P725.2 million income in the first quarter, up 12 percent year-on-year as its revenues climbed 11 percent to P2.35 billion during the period.
Shares of CLI rose 14 centavos or 2.02 percent to finish at P7.06 each on Thursday.
Article and Photo originally posted by Manila Times last May 28, 2021 and written by Faye Almazan.
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