VisMin developer Cebu Landmasters, Inc. (CLI) reported yesterday that its consolidated net income after tax for the first six months of 2019 jumped 34% to P1.109 billion from P826 million a year ago. Consolidated revenues also increased by 34% to P3.495 billion from P2.61 billion in the same period year-on-year.
Growth in revenues was primarily driven by its mid-market residential segment, representing 35%. This was followed by the premier projects which accounted for 33% while the economic housing Casa Mira segment contributed 29%.
Parent net income reached P855 million in the first half, a 13% increase from P759 million in the same period last year. This translates to earning per share of P0.51 for the period.
CLI said the highest revenue growth was posted by its high-end market projects, primarily the New York-inspired 38 Park Avenue development within the Cebu I.T Park in Cebu City. With 38 residential floors, all 756 units of 38 Park Avenue have been laid out to allow the best panoramic views of the Queen City of the South.
In terms of location, projects in Cebu — where the company maintains a strong presence — represent 61% of the total revenues, followed by developments in Bacolod and Dumaguete which contribute 16% and 9%, respectively. CLI attributed this strong performance to its industry-recognized, on-time construction methods that facilitate the timely turnover of units.
CLI’s consolidated reservation sales in the first half remain robust at P5.263 billion from P5.187 billion in the previous year. The highest reservation sales came from projects in Davao. Among them is the newly launched One Paragon Place, currently 78% sold-out, the development is a prime residential tower integrated within The Paragon Davao, a master-planned lifestyle destination in Davao City. Developments in Cebu, Cagayan de Oro and Bacolod also reported high reservation sales in the first half.
Projects in expansion areas also drove growth in reservation sales. CLI said more projects are set to be launched in new expansion cities including the rollout of its fastest selling brand Casa Mira in Iloilo, Dumaguete, Bacolod and Bohol in the second half of the year. The company expects these new projects to enable CLI to achieve its 2019 target of P12.5 billion in reservations sales.
Another growth segment in Cebu Landmasters’ portfolio is leasing which reported a 16% hike in revenues to P27.7 million from P23.87 million in the same period a year ago. The company attributed this improved revenue performance to increases in gross leasable area (GLA) after the recent turnover of retail areas in Casa Mira Towers Labangon and Base Line Center developments in Cebu.