By James A. Loyola
Century Properties Group, Inc. reported that its net income soared 81 percent to ₱1.2 billion in the first nine months of 2019 from P661 million for the same period last year.
In a dislosure, the firm said consolidated revenues rose to 36 percent to P9.8 billion versus ₱7.2 billion year on year.
“CPG’s strong 9 months performance is the result of management’s strategy to diversify its business segments. We are very confident because the plan is materializing and income contributions from our new businesses are growing,” said CPG President and Chief Executive Officer Marco R. Antonio.
As a result of its diversification into allied real estate segments, CPG has reported higher net income streams not only from its in-city vertical developments but also from its affordable housing and commercial leasing businesses.
Of the firm’s net icome, in-city vertical developments accounted for 65 percent at ₱773 million, affordable housing for 18 percent at ₱220 million, leasing for 14 percent at ₱166 million, and property management for 3 percent at ₱35 million.
“We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy,” said Ponciano S. Carreon, Jr., CPG’s Chief Finance Officer and Head for Investor Relations.
He added that, “we are continuously mindful of keeping our balance sheet robust and healthy and making our operations even more efficient.”