VisMin developer Cebu Landmasters, Inc. (CLI) reported yesterday that its consolidated net income after tax for the first six months of 2019 jumped 34% to P1.109 billion from P826 million a year ago. Consolidated revenues also increased by 34% to P3.495 billion from P2.61 billion in the same period year-on-year.
Growth in revenues was primarily driven by its mid-market residential segment, representing 35%. This was followed by the premier projects which accounted for 33% while the economic housing Casa Mira segment contributed 29%.
CLI said the highest revenue growth was posted by its high-end market projects, primarily the New York-inspired 38 Park Avenue development within the Cebu I.T Park in Cebu City. With 38 residential floors, all 756 units of 38 Park Avenue have been laid out to allow the best panoramic views of the Queen City of the South.
CLI’s consolidated reservation sales in the first half remain robust at P5.263 billion from P5.187 billion in the previous year. The highest reservation sales came from projects in Davao. Among them is the newly launched One Paragon Place, currently 78% sold-out, the development is a prime residential tower integrated within The Paragon Davao, a master-planned lifestyle destination in Davao City.
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