By James A. Loyola
Century Properties Group, Inc. (CPGI) posted a 10 percent improvement in net income to P490 million for the first half of 2018 from the P446 million it reported in the same period last year.
In a statement, the firm said the growth was mainly driven by contributions from its in-city vertical developments and increased investments in allied real estate sectors.
“CPG’s net income for the first half of 2018 already covers 78 percent of the full year net income it recorded in 2017,” said Ponciano S. Carreon Jr., CPG’s newly appointed Chief Financial Officer and Head for Investor Relations.
He added that, “we see this positive trend in our bottom line to continue. While we continue to recognize the revenue from the unit inventory of our condominium developments, we are also seeing a higher income stream from our new allied real estate segments.”
Carreon said “the company is now well-positioned for sustainable growth with all the preparations we have made to diversify in areas where we see high returns.”
CPG’s total revenues increased by 40 percent from P3.4 billion to P4.7 billion, a positive indication of the significant strides it has achieved in its diversification plans.
Recurring income is also increasing at a double-digit growth rate as CPG moves towards its goal to quadruple its leasing assets.
From its current completed gross floor area of about 133,000 square meters, the portfolio will increase to a gross floor area of about 300,000 square meters by 2020 once the leasing projects are completed.
CPG’s affordable housing business called PHirst Park Homes posted P500 million in revenues, contributing 12 percent to CPG’s consolidated revenues for the first half of 2018.
“As the company’s diversification program starts to bear fruit, we will continue to work towards improving operational efficiencies to maximize growth opportunities and deliver more value to our shareholders in the near future,” Carreon said.