Property developer Cebu Landmasters Inc. (CLI) on Wednesday reported a 59% increase in consolidated net income for the first nine months of the year, driven mainly by its core business.
Consolidated net income totaled P1.9 billion in January to September versus P1.2 billion in the same period last year.
Net income attributable to the parent rose by 77% to P1.65 billion from P932.7 million.
“Our fast-selling projects give us confidence that we will achieve our top line and net income growth targets for the end of the year,” said CLI chief executive officer Jose Soberano III.
“The numbers reflect our operational excellence and commitment to responsible development,” he said.
According to CLI, the mid-market residential segment accounted for 36% of total revenue.
Casa Mira, the company’s economic residential brand, contributed 32%, while the high-end segment accounted for 29%.
The company launched nine major developments this year. Its Cebu projects made up 58% of total revenue, followed by Bacolod at 13%, and Cagayan de Oro at 12%. —Jon Viktor Cabuenas/VDS, GMA News