Skip to main content

Cebu Landmasters 1H Net Income surges 164% to PhP 630 million

Fast project turnaround and strong sales take up have boosted first-half revenues of newly listed Cebu Landmasters Inc. (CLI) to P1.807 billion, and increased net income by 164 percent to 634M year-on-year (YOY). This shows positive outlook for the company to surpass its P1.2-billion net income target by year-end.

 The property developer described its financial growth in 1H 2017 as “outstanding” with its six-month revenues up by 107% YOY to P1.807 billion and net income after tax (NIAT) of P634 million higher by 164%.
 38 Park Avenue is now undergoing land preparation after its recent groundbreaking.

CLI chief executive officer Jose Soberano said, “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.”

Soberano attributed this growth to the robust sales and strong construction progress of various projects such as economic condo project Casa Mira Towers, mid-end residential condominium developments Mivesa Garden Residences, Mesaverte Residences in Cagayan de Oro, and mixed-use development Baseline Center including the Citadines Cebu City to be completed in 2018. Aside from Mesaverte Residences, all aforementioned projects are in Cebu. Fast turnaround time has been observed in most CLI projects, from acquisition to pre-selling and construction. This can also be attributed to the Cebu-based CLI’s ability to cultivate strong partnerships with local contractors and other local stakeholders.
Drone shot shows ongoing construction of Casa Mira Linao.

Margin from the six-month Gross Profit of P918 million increased from 46% to 51% due to moderate price escalations and cost control procedures enhancing the company’s work efficiency and output. Operating Expense Margin also improved, as ratio to sales decreased from 18% to 13%. As a result, NIAT Margin increased from 27% to 35%.

The sales velocity of its projects and timely delivery of units in Cebu and key VisMin cities have also made CLI the preferred developer in the region. In the first six months of the year, reservation sales of P2.87 billion went up by 155% YOY, almost breaching the entire figure for 2016 of P2.94 billion. This is particularly attributed to the company’s newly launched projects in the first half of the year such as the premium residential development 38 Park Avenue at the Cebu IT Park (60% fully sold), MesaTierra Garden Residences in Davao (85% fully sold), and Casa Mira South straddling in the City of Naga and Municipality of San Fernando, Cebu (80% fully sold).

CLI said its balance sheet is largely geared to support this expansion. Total assets recorded in the first six months of the year reached P8.9 billion, a big boost from only P5.4 billion a year ago. Proceeds from the recent IPO and growth in receivables due to the robust sales performance of its properties helped bulk up CLI’s asset profile.

Comments

Check out more...

GCash cautions against gambling apps used for phishing

A recent investigation by the National Privacy Commission (NPC) and the leading mobile wallet GCash, has led to the discovery of certain gambling sites and apps which were used for account takeovers in the recent surge of phishing scams. Additionally, some influencers may have unknowingly promoted these gaming apps without being aware of their fraudulent nature. GCash is now cautioning its users to be extremely careful when accessing online gambling sites and apps, and to avoid them altogether if possible. In this latest scheme, perpetrators created gambling apps while falsely claiming to be accredited by the Philippine Amusement and Gaming Corporation (PAGCOR). These apps deceive users with a verification process, redirecting them to a fake GCash website or payment page to top up betting credits. From there, fraudsters were able to access sensitive information such as credit card details, passwords, GCash numbers, MPINs, OTPs, and other personal data that can be exploited to gain unau...

Enjoy up to 29% OFF on select realme smartphones this 6.6. TikTok Birthday Sale

Don’t miss out on BIG discounts as realme celebrates TikTok 6.6 Birthday Sale! It’s finally TikTok’s 6.6 Birthday Sale and realme Philippines goes all-in to celebrate with whopping discount offerings from June 1-8 only.  Mark your calendars and get up to 29% OFF on select realme  smartphones and up to 40%  on select realme AIoT products. On top of this, the Squad is also in for a treat since they can take home exciting freebies all-week long!  From June 1-8, every purchase of the real me  C35 (4GB+128GB)  comes with a FREE TechLife Buds Classic, while anybody who will avail the  realme C33 (4GB+64GB)  will get a C-Series Tempered Glass as a freebie. To make things even more thrilling, the first few customers to buy a realme 10 Pro+ 5G (12GB+256GB) from  June 4-8  will get their very own realme Watch 3 for FREE . Additionally, everyone will also get a FREE TechLife Power Bank 100000mAh for each purchase of realme 10 (8GB+128GB), realme 10...

Book Your Flights with Cebu Pacific and Seize Sulit Hotel Deals

Cebu Pacific (PSE: CEB), the Philippines’ leading airline,  is giving  every Juan  more reasons to seize the moment and  book their flights now  as it partners with  several hotels   offering   sulit   and   exclusive discounts  for that one unforgettable vacation. Book your flights across Cebu Pacific’s widest domestic network  and get  these  exciting deals  from the following hotel partners * : Club Paradise Palawan •  10% off on seafood bucket •  30% off on couple’s massage at Glow Spa •  10% savings on other treatment and services Discovery Shores Boracay •  16% off on dining offers;  Tomohawk  Steak at Forno Osteria Modern Filipino Boodle Fight  •  16% off on spa treatments: Terra for Two (180 mins); Terra’s Journey (180 mins) Discovery Samal •  Up to 40% off in The Bar - Junior Suite, Executive  Villa  and Villa  rooms o  Includes breakfast f...

5 moments that made the 2022-23 NBA Season epic

Rewatch the season that was – and more – with NBA League Pass powered by PLDT Home!   The 2022-23 NBA season has been nothing short of epic. From the league’s best players cementing their legacies to teams achieving historic feats, the NBA has provided some of the best storylines throughout the year – all of which Filipino fans can revisit through NBA League Pass powered by PLDT Home. As the season culminated with the Denver Nuggets dominating over Miami Heat, 4-1, here’s a look back at some of its best moments: 1.  Big trades shock the league An NBA season isn’t complete without teams making huge moves before and at the league’s trade deadline. The Dallas Mavericks made the first big move, trading Spencer Dinwiddie and Dorian Finney-Smith to the Brooklyn Nets for Kyrie Irving, adding another superstar to their team to back up Slovenian superstar Luka Doncic.   However, the biggest trade was completed during the deadline, when the Phoenix Suns landed Kevin Durant in a mas...

DICT, GeeksPH bolsters PH startup scene with 6th Geeks on a Beach in Panglao

The Department of Information and Communications Technology (DICT) and GeeksPH announced the revival of Geeks on a Beach (GOAB) after a four-year break and is set to happen in Panglao, Bohol on November 23-24, during the Philippine Startup Week 2023. The two-day international conference, known for leveraging Philippine tourism and ICT Industry expertise, will gather hundreds of entrepreneurs, investors, innovators, and globally-acclaimed startup ecosystem players to showcase the country’s startup achievements in both local and international scenes. GOAB 2023 will offer plenary sessions exploring potential investment opportunities and breakout sessions that will focus on sector-specific topics like Fintech, EduTech, HealthTech, AgriTech, and ClimateTech and other category-specific themes centered around youth and women. The event will also feature emerging technologies discussion, pitching fest, business matching, investors’ roundtable, and exhibits from various stakeholders. To cap off...