MANILA, Philippines — Property developer Cebu Landmasters Inc. (CLI) booked lower net income in the first nine months of the year as revenues dipped amid current market conditions.
CLI’s net income fell by 15 percent to P2.64 billion during the nine-month period, while net income attributable to the parent stood at P1.79 billion.
The company generated revenues of P14.1 billion, down by two percent year-on-year.
Real estate sales accounted for P13.40 billion of total revenues, while hotel, mall and office revenues stood at P593 million.
CLI president and CEO Jose Franco Soberano said CLI’s revenues for the nine-month period reflect the company’s resilient performance.
“While several macroeconomic factors are affecting the industry, CLI’s leadership in the VisMin area gives it a position of strength,” he said.
Driven by end-user demand and the absence of oversupply, Soberano said CLI’s residential inventory is 94 percent sold out across all projects, with a low delinquency rate of three percent.
CLI has launched five new projects for September and October, driven by the OFW and end-user market in Visayas and Mindanao.
“CLI remains positive about its plans for the remainder of the year as we launch four more residential projects, advance project completions and drive further growth across our mall, office and hospitality operations,” Soberano said.
The company’s planned launch of four more residential projects before year-end will be located in key Visayas and Mindanao growth areas – Cagayan de Oro, Butuan and Cebu.
CLI said future launches would be guided by buyer needs and demand in the company’s priority markets.
“We enter our next phase of growth from a position of strength in VisMin. The current economic environment calls for discipline in terms of timing of launches and the types of developments we bring to the market,” Soberano said.