Century Properties nets P760 M in H1

MANILA, Philippines — Century Properties Group (CPG) of the Antonio family said the company is on track with its double digit bottom line growth target for the year as its first semester earnings rose by more than half.

CPG reported a net income of P760 million in the January to June period, up 55 percent from P490 million posted in the same period last year.

Consolidated revenues of the company jumped by 26 percent year-on-year to P5.4 billion.

“This remarkable increase in our first half performance further affirms that we are on track with our business plans. We expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line even as our existing in-city projects still significantly provide a stable revenue stream,” CPG chief finance officer and head for investor relations Ponciano Carreon Jr. said.

Carreon said the firm’s affordable housing business now accounts for 12 percent of total revenues and it is expected to further ramp up as more homes will be completed in the third and fourth quarters.

Under in-city developments, CPG has completed three additional buildings last year with P7 billion in sales value. These are the Boracay Tower at the Azure Urban Resort Residences in Parañaque City, Osmeña East Tower at the Residences at Commonwealth in Quezon City and Iguazu Tower at Acqua Private Residences in Mandaluyong City.

CPG has completed one more Commonwealth tower this year, with two more to follow by the fourth quarter.

CPG’s affordable housing firm PHirst Park Homes Inc., a joint-venture company with Mitsubishi Corp. of Japan, is continuing with its five-year plan of rolling out 15 master-planned communities worth P57 billion in key growth areas in the country.

Aside from its current projects in Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna, the PHirst Park Homes brand will launch two to three more additional projects this year in north and south Luzon.

CPG is set to complete this year the Century Diamond Tower office building in Century City, Makati under its recurring income portfolio.

The Century Diamond Tower office building has a gross floor area (GFA) of 63,110 square meters, which will further add to CPG’s leasing assets target of 300,000 square meters of GFA and P2 billion in revenues by 2020.

“We expect that the encouraging performance of our core businesses coupled with cost reduction measures and improvement in our operating efficiencies will help sustain our double-digit NIAT (net income after tax) growth for the next three to four years,” Carreon said.