Cebu Landmasters Posts P1.33B Income
With 2021 H1 net income to parent surging by 66% year-on-year, leading developer in VisMin Cebu Landmasters Inc. announced it is set to surpass its growth targets for the year.
Photo Insert: CLI Chief Operating Officer (COO) Franco Soberano and Chief Finance Officer (CFO) Grant Cheng announce that the company is set to surpass growth targets for the year.
Net income to parent rose from Php 792 million to Php 1.32 billion in the first six months as the company continues its robust uptrend in financial performance. The significant increase in profit was driven by exceptional revenue growth from Php 3.5 billion to Php 5.1 billion derived from real estate sales.
The figure covers a range of housing developments catering to buyers from various segments with 47% attributed to CLI’s economic brand Casa Mira which also posted the highest growth of 206% year-on-year propelled by solid sales and increases in construction progress.
The listed firm further confirmed that construction activity in its ongoing project sites is now on average 97%. It is in full swing in major sites like Cebu, Dumaguete, and Bohol while others post-activity at 90% and higher, hampered only by quarantine restrictions.
Strong and stable demand for safe and quality homes due to the pandemic, from buyers across the spectrum, pushed reservation sales up 12% to a record Php 8.3 billion from Php 7.4 billion year-on-year.