Newly-listed developer Cebu Landmasters Inc. said Wednesday it is on track to surpass its P1.2-billion net income target for 2017 after posting robust first-half results.
CLI said in a disclosure to the stock exchange net income in the first six months surged 164 percent to P634 million, as revenues jumped 107 percent to P1.8 billion, on fast turnaround and strong sales takeup of its projects.
Real estate sales grew 108 percent to P1.78 billion, while leasing income climbed 21 percent to P19 million.
“We’re proud to be a homegrown VisMin brand that has captured the needs and preferences of our target market as reflected in the sales velocity of our developments. We have also leveraged on our deep relations with our business partners and suppliers to ensure that our constructions progress as scheduled. We’re highly aware that meeting our commitments to our buyers on time has a great impact on our bottom-line and the strength of our brand,” CLI chief executive officer Jose Soberano said.