LISTED real estate developer Cebu Landmasters, Inc. (CLI) posted a 2% increase in its first-quarter (Q1) attributable net income to P995 million from P978 million last year, led by sustained demand in the Visayas and Mindanao (VisMin) markets.
January-to-March consolidated net income rose 12% to P1.32 billion from P1.18 billion a year ago, CLI said in a statement on Thursday.
Consolidated revenue increased 4% to P6.51 billion, with property sales accounting for 97% of total revenue.
Real estate sales grew to P6.32 billion on the back of ongoing construction progress and demand for residential lots.
Reservation sales rose 18% to P6.3 billion. Gross profit likewise increased 13% to P3.53 billion.
The property developer launched P6 billion worth of new residential inventory in the first quarter, led by projects in Cebu and Cagayan de Oro.
“Demand remains resilient in the VisMin region and CLI continues to offer value-for-money products well-suited to the needs of the homebuyers,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said.
For its hotel and leasing businesses, CLI said combined revenue soared 113% to P157 million.
Hospitality revenue surged 161% to P105 million on higher occupancy rates across three hotels launched last year.
Leasing income rose 56% to P54 million, driven by the turnover of newly occupied office and retail spaces.
CLI said it has four more completions in the pipeline, which will double its number of operational hotels by yearend.
The real estate developer previously said it plans to deploy P36 billion for new project launches between 2025 and 2026.
The company is strategically penetrating high-potential markets across Luzon and the National Capital Region while consolidating its dominant market position in underserved regional centers.
“We’re building more than just developments, we’re shaping communities in VisMin and soon, Luzon. Our strong start reflects the depth of demand in the regions we serve and the strength of our on-the-ground execution. 2025 will be about scaling our impact where it matters most,” Mr. Soberano said.
In April, CLI Chief Operating Officer Jose Franco B. Soberano said the company is nearing its foray into the Luzon market after purchasing land for a planned condominium project in Metro Manila.
He added that CLI is looking at a housing development in Cavite. The company previously said it aims to enter the Luzon market by 2026.
The company has allocated about P15 billion for capital expenditures this year.
CLI shares dropped 1.61%, or four centavos, to P2.45 each on Thursday. — Revin Mikhael D. Ochave
