Listed Cebu Landmasters Inc. saw its consolidated net income in the first six months drop by 17.2 percent to P918 million from P1.1 billion in the same period last year. Hotel revenues from Citadines Cebu City, which maintained a 70-percent occupancy rate, was at P38.2 million. Its rental income also rose by 16 percent to P32.3 million during the period. Despite the pandemic, Cebu Landmasters said it was still poised to launch 10 more projects in the second half to reach its target of 14 projects worth P19.4 billion in 2020. Cebu Landmasters shares lost 5 centavos or 0.99 percent to close at P5 apiece on Friday.

Source: Manila Times August 14, 2020 16:52 UTC