Cebu Landmasters earmarks P12B for 2021 capex
Cebu Landmasters Inc. (CLI) has allocated P12 billion for its capital expenditure this year, mainly to finance the company's landbank expansion and doubling its gross leasable area (GLA).
In a regulatory filing, CLI said the capex will be used to buy more land and complete the development of its Latitude Corporate Center which will almost double the GLA to more than 28,000 square meters from 2020.
"There is a real estate boom and a global trend towards safer and healthier homes. With CLI's agility, we're able to take advantage of this new kind of demand," CLI Chairman and CEO Jose Soberano III said.
CLI expects to resume its growth trajectory in 2021 with a total of 25 projects in the pipeline, 15 of which are P19-billion worth of residential developments with over 7,500 units to be launched this year.
The company reported an 8% decline in its net income after tax to P1.85 billion in 2020, as the impact of the coronavirus disease 2019 pandemic dragged consolidated revenues to P8.30 billion from the previous year's P8.50 billion.
"We have learned much from this pandemic and look forward to offering safe and healthy homes and communities to address not only the great housing backlog in VisMin but also what families really need," said Soberano.
Sales for the year rose 12% to P14.25 billion from P12.67 billion. Economic housing brand Casa Mira accounted for 69%, mid-market Garden Series 19%, and Premier Masters 10%. This resulted in unrealized revenue of P20.4 billion.
Shares in CLI closed Wednesday at P6.10 apiece, up by P0.12 or 2.01% from Tuesday's finish of P5.98. -MDM, GMA News