Cebu Landmasters Inc.’s (CLI) nine-month profit declined 9 percent to P1.5 billion from P1.64 billion a year ago, as revenues dropped 4 percent to P5.71 billion from last year’s P5.95 billion.
The company said sales reservation stood at P5.56 billion.
CLI reported a 57 percent quarter-on-quarter hike in its third quarter revenues at P2.2 billion, as quarantine restrictions eased in key Visayas and Mindanao cities, driving its construction efficiency to 90 percent from the previous quarter’s 70 percent.
“Moreover, collections improved with 500 more accounts qualifying for higher revenue recognition,” it said.
Franco Soberano, CLI chief operating officer, said in the last quarter of 2020, CLI expects stronger overseas Filipino worker (OFW) inflows and general consumer outlook in VisMin to bounce back as local businesses reboot operations.
“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,” he added.