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Cebu Landmasters H1 bottom line down 7%
Listed property developer Cebu Landmasters Inc. (CLI) on Thursday reported a 7% drop in its bottom line in the first semester, reflecting the effect of the coronavirus disease 2019 on its operations.
In a regulatory filing, CLI said its net income fell to P791.80 million in the first six months of the year from P854.34 million in the same period in 2019.
"The pandemic has made many see that owning a home in a safe
However, he said more projects are expected to be launched in the coming months.
"We are pleased to launch more projects in the second half as our markets have remained committed to their purchases," he said.
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To recall, the strictest quarantine measures under the enhanced community quarantine (ECQ) were in place Metro Manila and other "high-risk" areas from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.
"Construction sites continue to progress despite the quarantine since Cebu Landmaster’s projects are mostly in cities with minimal quarantine restrictions," said Soberano.
"By imposing strict health protocols at the job site, we focused on keeping our workers safe and productive. We look forward to handing over units to many of our buyers in the next few months," he added.
CLI developments are a mix of vertical and horizontal projects, along with its commercial office project in Cebu. These include San Jose Maria Village, Villa Casita, Midori Plains, Asia Premier Residences, Base Line Residences, and Park Centrale Tower.
The company's subsidiaries are CLI Premier Hotels Intl., Inc., Cebu Landmasters Property Management Inc., and A.S. Fortuna Property Ventures Inc.
Shares of the company ended Thursday at P5.05 apiece, up 5 centavos or 1% from the previous close of P5.00. — Jon Viktor D. Cabuenas/BM, GMA News