Leading developer in VisMin Cebu Landmasters Inc. (CLI) continued to deliver robust growth in its consolidated net income during the January to September period, posting a 28 percent rise to hit P3 billion in end-September from the P2.4 billion recorded a year ago.
CLI’s net income attributable to the parent company also posted a solid nine percent increase to P2.4 billion during the period from P2.2 billion in the previous year.
Impressive double-digit revenue growth was recorded across all of CLI’s business segments, pushing the listed firm’s gross income to rise by 18 percent to P12.93 billion from P10.96 billion.
“We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI’s commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI chairman and CEO Jose Soberano III said.
Across segments, CLI’s real estate unit continued to be the primary driver of the company’s revenue. The sector posted a remarkable 17 percent increase, propelled by ongoing construction progress and higher units that qualify revenue recognition.
Throughout the year, the company spent a total of P10.4 billion in capital expenditures, mostly allocated to project development. A notable investment was the acquisition of a 21-hectare land in the city of General Santos, planned to be developed as economic and mid-market communities.
Moving forward, CLI has entered into a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments.
This is the listed company’s first foreign joint venture partnership and is geared towards the development of premium-grade residential towers in the heart of Cebu City.