HOMEGROWN property developer Cebu Landmasters, Inc. said on Monday that its net income for the first nine months of the year more than doubled on the back of strong property sales.
It said net income after tax grew 105 percent to P940 million from the P459 million registered in the same period last year.
The company attributed the higher earnings to the 68 percent increase in property revenues in the second quarter to P2.7 billion from P1.6 billion a year ago.
Reservation sales in the first nine months hit P3.66 billion, already surpassing its full-year 2016 reservation sales of P2.9 billion.
“We’re very pleased with our company’s performance this year, but we still have more projects to launch for the balance of 2017,” Cebu Landmasters President and Chief Executive Officer Jose Soberano 3rd said in a disclosure to the Philippine Stock Exchange.
For the remainder of this year, key projects to be launched include the mixed-use Astra Centre in Cebu City, which will add 10,000 square meters (sqm) of retail space, 467 residential units, and 158 hotel rooms.
It is also set to launch Casa Mira Tower in Guadalupe, Cebu that offers 727 units, and Base Line Prestige residential condominium with 351 rooms.
There are 42 projects in its current portfolio already in various stages of construction with a cumulative value of P45.02 billion.
Cebu Landmasters focuses on developing projects across the central business districts in the Visayas and Mindanao regions, catering to the mid-range and economic housing segments.