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Cebu Landmasters registers 21% profit growth to P650M

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CEBU LANDMASTERS, Inc. (CLI), the listed Visayas-Mindanao property developer, recorded a 21.3% rise in third-quarter attributable net income to P649.88 million from P535.96 million a year ago

“We are on full blast with our construction capacity and with God’s grace we can continue to deliver and continue to operate at full capacity,” CLI Chief Finance Officer Beauregard Grant L. Cheng said during the company’s briefing on Monday.

In the three months that ended September, the company’s top line rose by 39% to P3.51 billion from P2.52 billion last year. Sales of real estate were the largest contributor at P3.45 billion, up by 39% from P2.48 billion a year ago.

For January to September, CLI’s attributable net income reached P2.2 billion, an 18.7% increase from P1.85 billion last year.

“The company continues to beat expectations and perform very well,” CLI Chief Operating Officer Jose Franco B. Soberano said. “We are really getting close to that P3-billion mark.”

“We never reached P3 billion in our history and we are getting there. As you all know, we are relatively a new player, nationally,” Mr. Soberano added.

CLI’s topline as of September totaled P10.96 billion, up by 43.2% from P7.66 billion in 2021.

“It was driven primarily by sale of real estate units but also notably from strong recovery of our other emerging business segments in leasing, hospitality as well as our property management,” Mr. Cheng said.

Year-to-date sales from real estate units amounted to P10.81 billion, or a 43.1% growth versus a year ago.

“We said when 2022 started, we are looking forward and we are confident that we could deliver 20% growth both on our top-line revenues and our bottom line for 2022,” Mr. Cheng said.

“I am proud to reiterate and just reinforce that guidance. We are on track to meet that guidance, so far in the third quarter we are already 98% year-on-year,” he added.

On Monday, shares in the company rose by 0.38% or a centavo to close at P2.61 apiece. — Justine Irish D. Tabile