Property developer CLI eyes 72% growth in 2019 income

Property developer Cebu Landmasters Inc. (CLI) on Tuesday said it is eyeing a 72% hike in its income in 2019, as it seeks to increase its revenues by at least a quarter during the year.

In an emailed statement, CLI chairman and CEO Jose Soberano said the company targets a consolidated net income of P2.6 billion, and a net income attributable to the parent at P2 billion.

In terms of revenues, CLI said it is aiming for a 25% increase to P8.4 billion from P6.7 billion, and a 25% increase in reservation sales to P12.5 billion.

"Cebu Landmasters will continue to focus on rolling out projects for the growing VisMin market," said Soberano.

"We are now moving into new key cities in the region as we expand our developments in existing ones," he elaborated.

According to CLI, it is set to roll out developments in new expansion areas such as Bohol and Iloilo, while negotiations for land acquisitions are being finalized in the cities of Ormoc, Roxas, and General Santos.

It is also firming up negotiations for a township project in Cagayan de Oro and another 20-hectare property in Mandaue city.

"We continue to see steady demand for the property company’s developments providing guidance on expected earnings performance," said Soberano. — BM, GMA News