MANILA, Philippines — Cebu Landmasters Inc. (CLI), a real estate developer in Visayas and Mindanao, has posted a revenue of P6.235 billion in the first three months of 2024.
During the annual stockholder’s meeting on Friday, Jose Franco Soberano, the firm’s senior executive vice president, said that the company's first-quarter revenue in 2024 surged by 31%, reaching P6.235 billion from P4.777 billion last year.
Soberano credited CLI's first-quarter net income growth, rising from P847 million to P978 million, to a 15% year-on-year increase.
CLI’s reservation sales also reached P7.18 billion and are still expected to increase, according to Soberano.
The firm’s newly launched Casa Mira Homes, meanwhile, posted a sales value of P2.6 billion after a month of market introduction.
Soberano also said that the firm achieved a 93% sell-out status across all its projects in different stages of development.
“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI chairman and chief-executive-officer Jose Soberano was quoted, as saying in the a separate press release.
The firm also reported that its hotel revenue surged by 37%in the first quarter following the opening of three hotels in Cebu City.
On April 17, CLI announced othat it had garnered over P4.28 billion from its recent follow-on offering of preferred shares.
It also formally listed its Series A-1 and Series A-2 preferred shares in the same month. — Ian Laqui