Cebu Landmasters Inc., led by tycoon Jose Soberano III, reported a net income of P2.4 billion for the first nine months of the year, marking a nine percent increase from the same period last year, fueled by double-digit topline expansion across all business segments.
The company’s gross revenues surged 18 percent to P12.93 billion. CLI’s real estate division played a pivotal role in driving revenue, witnessing a 17 percent year-on-year increase attributed to ongoing construction progress and higher units qualifying for revenue recognition.
Sales expanded by 25 percent, totaling P17 billion, with 52 percent of this figure attributed to CLI’s flagship economic brand, Casa Mira.
Revenue from the hotel portfolio saw a 78 percent jump, propelled by higher room rates and increased occupancy. Additionally, the leasing business recorded a 43 percent boost in revenue due to improved occupancy rates.
Jose Soberano III, chairman and CEO of CLI, expressed satisfaction with the company’s performance, highlighting double-digit profit expansions in the last three quarters despite challenges such as inflation and higher interest rates in the country.
Soberano emphasized CLI’s commitment to delivering value to shareholders and ensuring the sustainability of its growth trajectory.
CLI’s strategic plans for the year include launching two to three additional projects, notably Casa Mira Homes Butuan, projected to generate P2 billion in sales.
The company is also set to open three new hotels in the coming months: The Pad Co-Living in Banilad High Street, lyf Cebu City in Base Line Center, and Citadines Bacolod City.
CLI’s expansion initiatives extend to the highly successful Calle 104, with ongoing plans for its first-ever site in Luzon, located in Naga City.