Cebu Landmasters Inc. posted a record net income of P1.29 billion in 2017, up 66 percent from the previous year, on strong sales of projects in Visayas and Mindanao.
CLI said in a disclosure to the stock exchange revenues reached a record P3.92 billion, also up 66 percent from P2.36 billion in 2016
“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,” CLI chairman and chief executive Jose Soberano III said.
Real estate sales of CLI amounted to P3.86 billion from P2.23 billion in 2016 due to on-track construction progress and record sales of several residential and office developments.
Reservation sales from all projects breached the P4-billion target at P4.58 billion, or 55.6 percent higher than in 2016.
CLI’s leasing revenues increasing 17 percent in 2017 to P45.6 million from P38.87 billion a year earlier.
The property company said it planned to expand the leasing business by 2019, with the scheduled completion of Latitude Corporate Center and Baseline Retail, and the start of operations of its hospitality project, Citadines Cebu City.
The company is scheduled to launch seven leasing projects 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.
CLI expects the company this year to sustain its strong performance with the unveiling of 20 new projects across the VisMin region.