CLI posts Php 5.7 billion revenue for 2020

November 25, 2020November 25, 2020 Migo V. 0 Comments Cebu Landmasters Inc., CLI

Even with the Pandemic,CLI posts Php 5.7 billion 9-month consolidated revenues, closely matching 2019
performance

CLI continues to turnover completed units of the 1,753-unit Casa Mira South Phase 1 and 2 in Naga-San Fernando, Cebu. These two developments will generate the company over Php 3 billion worth of cash inflows from take-outs.

Leading Visayas-Mindanao developer Cebu Landmasters Inc. (CLI) disclosed today consolidated revenues of Php 5.7 billion and net income to parent of Php 1.5 billion for the first nine months of 2020, closely resembling its pre-pandemic 2019 performance.

Earlier in the year, CLI secured its uninterrupted expansion by launching five residential projects with high sales velocity valued at Php 5.5 billion, while expanding to new areas in VisMin despite the pandemic. Expansion areas include Iloilo, and the underserved areas of Bohol and Ormoc. Consequently, reservation sales for the first nine months increased by 14% year-on-year to Php 10.5 billion.

The boost in reservation sales translates to Php 17.9 billion in unrecognized revenues, or an 18% increase, and sustained earnings in the near future.

Casa Mira is CLI’s economic community that offers more space and more value for the Filipino family’s investment. Above is the altar of Casa Mira South’s chapel that is part of the development’s club house. Other amenities include a swimming pool, basketball court and multi-purpose hall.

Franco Soberano, CLI executive vice-president and chief operating officer, remarked: “We are pleased to serve new residential homeseekers in VisMin, where demand for residential housing has proven to be a bright spot in the region’s economy. There has been sustained demand from both local and OFW buyers, which has enabled CLI to surpass our reservation sales performance in 2019. The housing backlog has never been more pronounced than now due to the pandemic, and it’s our shared
responsibility to address this backlog as best we can.”

Soberano added that in the last quarter of 2020, CLI expects stronger OFW inflows and general consumer outlook in VisMin to bounce back as local businesses reboot operations. He also expects Business Process Outsourcing (BPO) firms to continue expanding in the region as the global economic crisis deepens.

In the near term, the continued turnover of CLI residential projects will secure the firm’s footing moving forward. These project completions will generate a
total of Php 5.8 billion worth of future cash inflows and secure income streams for CLI.