Century Properties posts P384-M Q1 profit

Published May 15, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Century Properties Group (CPG) reported a 28 percent jump in net income to P384 million for the first quarter of 2019 from the P300 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, CPG posted revenues of P2.77 billion, up 2.3 percent from P2.70 billion in the first quarter of 2018.

Of this, real estate revenues posted a 4.44 percent increase to P2.4 billion coming from the company’s affordable housing business and the additional substantial progress in construction and sales take up of its ongoing in-city vertical developments.

Leasing revenues jumped 29.52 percent to P109 million, largely attributed to the start of operations and the recognition of revenues from CPG’s new Asian Century Center office building in Bonifacio Global City.

Net income margin for the first quarter 2019 increased to 13 percent from 10 percent in the same period last year as the company substantially reduced its operating expenses.

“We continue to improve on our operational efficiencies while implementing the company’s expansion programs,” said Ponciano S. Carreon Jr., Chief Finance Officer and Head for Investor Relations of CPG.

He added that, “the goal is to grow CPG’s new allied real estate businesses to have a diversified net income mix with more sustainable cash flow and recurring income. The company’s hard work has started showing positive results that will drive its growth in the medium to long term.”