LISTED Cityland Development Corp. (CDC) saw a 25.8% decline in its second-quarter net income to P187.81 million from P253.07 million last year due to lower real estate sales.

April-to-June total revenue reached P637.61 million, down by 18.6%, compared with P784.54 million a year ago, CDC said in a regulatory filing.

Second-quarter real estate sales dropped by 22.3% to P446.74 million from P575.26 million in 2023.  

For the first half, CDC saw a 31.8% drop in its net income to P339.23 million from P497.56 million last year.

Total revenue fell by 30.5% to P1.18 billion from P1.7 billion last year. First-half real estate sales shrank by 40.4% to P767.33 million versus P1.29 billion in 2023.  

“The decrease in sales amount by 40.37% can be attributed to the lower percentage of completion since revenue from the sale of these real estate projects under pre-completion stage is recognized over time during the construction period, or percentage of completion,” CDC said.

“Total sales of the group were substantially generated from CDC and City & Land Developers, Inc., reaching P645.06 million and P113.18 million, which is equivalent to 84.07% and 14.75%, respectively, of the group’s sales,” it added.  

As of end-June, CDC said it is selling various projects such as the 24-storey Pioneer Heights 1 condo development in Mandaluyong City, the 40-storey 101 Xavierville commercial and residential condo in Quezon City, and the 27-storey Pines Peak Towers 1 and 2 condo developments in Mandaluyong City.

The company is also offering the 40-storey Grand Central Residences condo property in Mandaluyong City and the 37-storey Makati Executive Tower III condo development in Makati City.

In March, CDC launched the 50-storey mixed-use CityNorth Tower condo project in Quezon City. It is expected to be finished by February 2028.

On Wednesday, CDC stocks fell by 2.94% or two centavos to 66 centavos per share. — Revin Mikhael D. Ochave