Leading Visayas-Mindanao developer Cebu Landmasters, Inc. (CLI) reported P3.56 billion in first quarter revenues, 53% higher than the P2.3 billion in the same period in 2021. The strong growth is underpinned by all of its businesses registering stellar performance.
The surge in revenues was driven by real estate sales from a number of projects that have been steadily increasing over the years, the company said in a press statement. These have resulted in greater construction progress and consequently, higher revenue recognition. Construction was in progress due to catch-up measures during the pandemic and is now in full swing in the listed company’s 15 VisMin sites.
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