Property developer Cebu Landmasters Inc. (CLI) on Tuesday said its income rose 66 percent to P1.3 billion last year, from P779 million in 2016.
Revenues also rose 66 percent to P3.92 billion, from the previous year’s P2.36 billion, on strong take-up of its projects that are mostly in the Visayas and Mindanao.
‘’We are proud of the exceptional 2017 performance of the company and are grateful for the trust given to us by our buyers and shareholders. It’s our banner year and, in 2018, we will continue to deliver outstanding value as we aim to become the leading local real-estate developer in the VisMin region,” said Jose R. Soberano III, the company’s chairman and CEO.
Real-estate sales from its portfolio of housing, offices and hospitality projects accounted for the company’s growth last year.
Gross profit margin came in at 52 percent on high operational efficiency.
The company has declared a P0.15 per share dividend, cumulatively worth P257.1 million, to be paid on April 23.
“The dividend declaration will reaffirm the company’s commitment to provide the best returns to shareholders,” Soberano said.
The property developer said real-estate sales in 2017 reached P3.86 billion, from P2.23 billion in 2016. The company said it is on track in its construction progress and record sales of its various developments.
Launched in 2015 were Casa Mira Towers Labangon, MesaVerte Residences in Cagayan de Oro, Baseline Center Phase 1 in Cebu City (where Citadines Cebu City, Baseline Premier and Baseline HQ are located), and Casa Mira South Cebu, and all have already fully sold status and are expected to be completed and delivered on time this year.
The leasing segment saw a 17-percent hike in earnings to P45.6 million, from the previous year’s P38.87 billion. It intends to grow its leasing business significantly by 2019 with the scheduled completion of Latitude Corporate Center, Baseline Retail, and start of operations of its hospitality project, Citadines Cebu City, according to Soberano.
It has seven projects already in the pipeline to provide recurring income by 2020.
These are lyf Cebu City, Citadines Riverside Davao, Citadines Bacolod, Astra Hotel in Mandaue, Cebu, Astra Corporate Center Mandaue, Cebu, Astra Center Mall in Mandaue, Cebu, and 38 Park Office in IT Park Cebu.
The company said it is set to launch 20 more projects across the VisMin region, bringing its portfolio to 66 projects in different stages of development.
The developer expects all these to translate to a P7-billion sales target and push revenues to P5.3 billion in 2018, or a 35-percent increase from 2017’s goal. Target net income for 2018 is set at P1.7 billion, or 31 percent more than the previous year.