CLI income expands by 24% in Q1

*_{In file photo: Baseline Center by Cebu Landmasters Inc., a premier sustainable and smart mixed-use development}*

Regional property developer Cebu Landmasters Inc. (CLI) on Monday said its income in the first quarter grew 24 percent to P713.82 million from last year’s P572.32 million.

Revenues grew 11 percent to P2.32 billion from last year’s P2.12 billion, mainly as a result of the take-up of its residential projects in key cities in the Visayas and Mindanao.

The firm’s growth momentum is expected to speed up in the second half of the year as CLI’s joint ventures mature for revenue recognition, CLI chief operating officer Franco Soberano said.

In addition, CLI is set to produce fresh inventory in the next three quarters from its 2021 projects remaining in the pipeline.

“We are pleased that our teams in each of the cities we serve have stepped up to fill the pressing need for residential units that deliver quality, safety and security. This need was especially highlighted by the pandemic,” he said.

The listed company is set to roll out projects worth P14 billion this year.

CLI has so far launched three projects from January to March worth P4.9 billion which boosted reservation sales to P3.3 billion, or 17 percent more year-on-year. Sales from the mid-market Garden Series accounted for 66 percent of the total while the balance of 33 percent was attributable to economic housing brand Casa Mira.

Soberano said once lockdown measures were eased towards the end of 2020, CLI responded by stepping up activity to 95 percent in most of its construction sites.

He said mobility issues are no longer pronounced in the Visayas and Mindanao where coronavirus infections have remained relatively manageable. Cebu City, for instance, saw low infection rates in the past weeks, which its medical facilities could easily address.

Soberano said he is optimistic that with the rollout of the vaccines, business activity would step up once again paving the way for full economic recovery.

“While there is still considerable work to be done to finally lay this pandemic to rest, we see light at the end of the tunnel and are preparing for improved economic activity. In fact, CLI has set for itself a growth target of 15- to 20 percent this year,” he said.

Article and Photo originally posted by Business Mirror last May 18, 2021 and written by VG Cabuag.