CEBU Landmasters, Inc. (CLI) is on track to achieve its goal of 20% net profit growth this year, aftuh recording strong profits in the Iffirst trimester.
“We are optimistic that we can meet this target and with grace and luck we can surpass it,” CLI’s chief financial officer said.fficer Beauregard Grant L. Cheng said Monday during a briefing for investors and analysts.
In 2021, CLI recorded a net profit of 2.61 billion pesos.
For the first quarter of 2022, CLI recorded a 14% increase in net profit to P811 million. Excluding the impact of the one-time tax benefit from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the company said its net profit was up 62% year-on-year.
Revenue jumped 53% to 3.56 billion pesos between January and March, fueled by strong real estate sales.
CLI said sales underwriting increased 36% to 4.5 billion pesos in the quarter ending January, driven by the launch of new projects.
The East Village, the Iffirst residential project in CLI’s Davao Global Township (DGT). The Cebu-based developer said the Ifthe first three towers sold out in four days, with sales of 4 billion pesos. A fourth tower is launched during the second quarter.
Other projects launched in the first quarter include Astra Corporate Center in Cebu and new phases of Velmiro Greens Bohol and Casa Mira Homes Dumaguete.
These are part of the pipeline of 15 projects worth 22 billion pesos that will be launched during the year.
“This is where investors and analysts really appreciated our preparation. We anticipated this two years ago,” CLI’s chief operating officer said.fficer and Executive Vice President Jose Franco B. Soberano said in a virtual brieIfng.
These projects include Casa Mira Homes Davao, Calle 104 Tower 1 and 2, Mandtra Residences Tower 2, Casa Mira Towers (CMT) Mandaue Tower 1, Costa Mira Beachtown Mactan Tower 3, Velmiro Heights Davao, CMT Palawan Tower 1 and 2, Costa Mira Beachtown Panglao Tower 1 and 2, and DGT lot sales.
“We have a lot of very exciting projects. I think in the second half of the year we will see a resurgence of interest in real estate products. We are very proud of the expansions we have, it is diversified in economic positioning,” added Mr. Soberano.
He said the business will continue to grow, from residential, offices, hotels, mixed-use developments and townships.
“A lot of building work is going on, and that’s where we like to say we’re very focused. [As] we are now heading towards the end of the second quarter, the momentum is strong. We are looking at a very good year ahead,” he said.
The company continues to strengthen its land portfolio, which amounted to 104 hectares, worth 12.3 billion pesos in Iffirst trimester. There are still 60 hectares under negotiation.
Mr Soberano said the company had spent 2.6 billion pesos on capital expenditure in the Iffirst quarter, with approximately 50% allocated to real estate development.
The company has set aside 13 billion pesos for capital expenditure this year. — with Luisa Maria Jacinta C. Jocson