CLI’s Q1 earnings fall 11.5% in absence of one-off gain

LISTED property developer Cebu Landmasters, Inc.’s (CLI) attributable net income fell 11.5% in the first quarter to P880.85 million from a year earlier, as the absence of a one-off gain offset growth in its core residential business.

In a statement on Thursday, the company said consolidated net income stood at P1.03 billion. Consolidated revenue rose 20% to P6.51 billion, driven mainly by higher real estate sales.

Revenue from property sales reached P5.8 billion, supported by construction progress in residential developments, which allowed the company to recognize previously booked sales as revenue under the percentage-of-completion method.

“Our first-quarter results reflect the strength of our residential engine and the continued progress of our ongoing developments across Visayas and Mindanao,” CLI Senior Executive Vice-President and Chief Operating Officer Jose Franco Soberano said.

He said the company remains focused on disciplined project execution and timely delivery in markets with sustained end-user demand.

CLI said the year-ago figures included a one-off gain of about P900 million from the sale of an investment property. Excluding that gain, the company said its latest results reflected continued expansion in its core operations.

Gross income rose 29% to P3.1 billion, while gross margin improved to 51% from 48% a year earlier.

The company also posted growth in recurring income streams during the quarter.

Hotel revenue rose 14% to P119 million, while leasing revenue increased 14% to P60 million. Management fees climbed 19% to P31 million.

“Our recurring income portfolio continues to gain traction as more assets come into operation,” Mr. Soberano said.

He added that the opening of Radisson RED Cebu Mandaue would boost CLI’s hospitality business and complement its residential operations.

The company recently launched the hotel as part of efforts to expand its recurring revenue base.

As of end-2025, CLI’s property-for-sale portfolio covered 107 projects consisting of 46,194 residential units with a total value of P176 billion.

The company said the portfolio was 92% sold.

CLI focuses on developments in the Visayas and Mindanao markets, including residential condominiums, mixed-use projects, offices, hotels and township developments.

CLI shares fell by 0.44% or one centavo to close at P2.25 each on the local bourse. — Alexandria Grace C. Magno