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Cebu Landmasters net profit drops to P1.5 B in 9 months

VisMin developer Cebu Landmasters Inc. (CLI) reported a a 9 percent decline in consolidated net income to P1.5 billion in the first nine months of the year from P1.65 billion in the same period of 2019.

  In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues dipped 4 percent to P5.7 billion from almost P6 billion in the first three quarters last year.

CLI said its consolidated revenues declined by “outperformed the industry due to robust real estate sales of P5.56 billion for the period.”

It noted that, “Third quarter revenues surged to P2.2 billion, 57 percent hike quarter-on-quarter, as quarantine restrictions eased in key VisMin cities driving CLI construction efficiency to 90 percent from the previous quarter’s 70 percent.”

Collections also improved with 500 more accounts qualifying for higher revenue recognition.

Earlier in the year, CLI launched five residential projects valued at P5.5 billion while expanding to new areas in the VisMin despite the pandemic. Expansion areas include Iloilo, and the underserved areas of Bohol and Ormoc.

Consequently, reservation sales for the first nine months increased by 14 percent year-on-year to P10.5 billion. The boost in reservation sales translates to P17.9 billion in unrecognized revenues, or an 18 percent increase. 

“We are pleased to serve new residential homeseekers in VisMin, where demand for residential housing has proven to be a bright spot in the Vismin economy,” said CLI Executive Vice President Franco Soberano. 

He noted that, “There has been sustained demand from both local and OFW buyers, which has enabled CLI to even surpass our reservation sales performance from 2019. The housing backlog has never been more pronounced than now due to the pandemic, and it’s our shared responsibility to address this backlog as best we can.” 

Soberano added that, in the last quarter of 2020, CLI expects OFW inflows to return and general consumer outlook in VisMin to bounce back as local businesses reboot operations.

He also expects Business Process Outsourcing (BPO) firms to continue expanding in the region as the global economic crisis deepens.


Source: Manila Bulletin (https://mb.com.ph/2020/11/17/cebu-landmasters-net-profit-drops-to-p1-5-b-in-9-months/?utm_source=rss&utm_medium=rss&utm_campaign=cebu-landmasters-net-profit-drops-to-p1-5-b-in-9-months)

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