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Published May 17, 2021, 4:42 PM
VisMin developer Cebu Landmasters Inc. reported a 25 percent year-on-year growth in attributable net income to P714 million in the first quarter of 2021 while consolidated net income improved 12 percent to P725.2 million.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues increased 11 percent to P2.35 billion in the first quarter of 2021.
The firm said growth was due to sustained construction activities and the strong sales take-up of its residential projects in key cities of Visayas and Mindanao where quarantine restrictions were less severe.
“CLI’s growth momentum is expected to speed up in the second half of the year as its joint ventures mature for revenue recognition,” said CLI chief operating officer Franco Soberano.
SunStar
+ April 08, 2021 PROPERTY developer Cebu Landmasters Inc. (CLI) has earmarked P12 billion in capital expenditures (capex) for 2021 to fund the company’s landbank activities and ongoing developments.
The homegrown firm, during its annual stockholders’ meeting on Wednesday, April 7, 2021, said it targets to grow 15 to 20 percent this year as demand for housing in the Visayas and Mindanao area remains on the upside.
CLI said it has a total of 25 projects in the pipeline; 15 of these are P19 billion residential developments that will be launched this year, supplying over 7,500 units to the sustainable housing market.
The capex will also fund the ongoing development of Latitude Corporate Center, which is expected to increase total gross leasable area to more than 28,000 square meters, almost double from 2020.
CLI to resume 15-20% growth trajectory this year mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.