CEBU SKYLINE. Photo shows the skyline of Cebu City, a bustling economic hub in southern Philippines. Cebu Landmasters Inc. on Friday (Nov. 12, 2021) cited the improving business climate in Cebu, an indication of economic recovery amid the pandemic. (PNA file photo by Carlo Lorenciana)
CEBU CITY – A property developer has cited the improving business climate here, as economic activity continues to pick up.
In a virtual investors’ briefing on Friday, Cebu Landmasters Inc. (CLI) chairman and chief executive officer Jose Soberano III said demand for housing has sustained its growth even amid the pandemic.
“The pandemic has emphasized to our buyers the importance of and impact to family stability of owning a home in a safe and secure community. We will continue to meet this need and to earn the trust of VisMin (Visayas, Mindanao) homeowners moving forward,” he said.
The Cebu-based developer disclosed its exceptional third quarter 2021 performance highlighted by a net income of PHP1.854 billion in the first nine months of 2021, which has effectively surpassed its full-year 2020 figure of PHP1.845 billion.
Robust sales and rapid construction progress, due to sites operating fully at 100 percent, raised consolidated revenues year-on-year by 34 percent from PHP5.7 billion to PHP7.7 billion.
Cebu, the biggest metropolis in the VisMin region, was the source of 59 percent of revenues.
CLI also reflected strong and growing sales in Cagayan de Oro, Bacolod, and Iloilo.
CLI has invested PHP8.7 billion in capital expenditures this year with acquisitions for new land amounting to PHP1.2 billion.
“Our growth is based on our sustained earnings in 2020 and we are on track to exceed our 15 percent to 20-percent growth guidance in 2021 and in the next two to five years,” Soberano said. (PNA)
