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Cebu Landmasters forecasts higher FY'18 revenue, details development plans

Cebu Landmasters Inc. is expecting to record an estimated 5.3 billion Philippine pesos in its revenue for the 2018 full year, which will mark a 35% year-over-year increase from the year-prior period.

The Filipino property developer is also predicting a 31% climb in its net income after tax to 1.7 billion pesos for the reporting period.

For 2018, the Philippines-headquartered company said it is setting aside 8.8 billion pesos worth of capital to fund land acquisitions and real estate development.

Cebu Landmasters will launch 20 additional projects within the remainder of 2018 across the Visayas and Mindanao region of the Philippines. These include the Astra Centre and Casa Mira Towers – Guadalupe in Cebu; The Paragon Davao and Davao Matina Business Park in Davao; and the Velmiro Uptown CDO in Cagayan de Oro.

The planned developments will increase the developer's portfolio to a total of 66 properties.

As of May 30, US$1 was equivalent to 52.54 Philippine pesos.