Century Properties Group Inc. posted a 12 percent increase in net income to P1.06 billion in the first half of 2013 compared to the same period last year, led by strong and sustained residential sales and growing earnings from property management.
Century said its total revenues increased to P5.29 billion, representing a seven percent growth from the first half of 2012.
Execution of the company’s business strategy of having innovative and co-branded projects with renowned designers resulted in Century to be on track to meet its full-year pre-sales target of P24 billion, with a 16-percent jump in pre-sales earnings to P6.3 billion in the second quarter of 2013 compared to the same period last year.
With P5.8 billion in pre-sales during the first quarter of 2013, Century has already reached P12.1 billion in pre-sales for the first half of the year, or more than 50 percent of the full year pre-sales target.
“Successful sales across all of our community developments in Century City in Makati, Azure Urban Resort Residences in Paranaque City, Acqua Private Residences in Mandaluyong City and the Residences at Commonwealth in Quezon City contributed to this boost in earnings.
Our buyers have become increasingly confident with their property purchases as they get to see our developments rising and getting completed on time or ahead of schedule,” said the official statement of Century Properties.
Furthermore, the company has allocated capex of P4.6 billion for the first six months of 2013, on track to meet its P8 billion capex for the full year of 2013.
Despite this record capex, Century’s liquidity has been amply sufficient given it has been completing projects, yielding full collection of its receivables.
Of the buyers who have fully paid for their purchases, approximately half of them have fully paid in cash, with the balance funded via mortgages from 12 partner banks. This has led to Century’s cash flow from operations, before interest and taxes, to be P191 million for the six months ending 2013.
Adding its successful fund raising from a P1.6-billion equity placement in March of 2013, and the closing of a P4.2-billion syndicated credit facility with Standard Chartered Bank bringing its total gearing to P10.1 billion, Century is poised to take advantage of market opportunities as the needs arise.
Century Properties said the strong financial results has set the proper course towards achieving its targets for its second stage of growth, which aims to hit P30 billion in pre-sales and P3 billion in net income by 2015.
To our Century Properties partners, stakeholders, and communities,
As we closely monitor the developments on the coronavirus (COVID-19) and the government’s declaration of a community quarantine in the National Capital Region, we recognize that we have entered a unique and challenging time.
Despite this, we want to assure you that your safety and well-being are our priority. We are grateful that you continue to choose us as your partner and developer, and trust us to handle your business, property investment, and home with utmost professionalism and genuine care.
To safeguard your health, we have implemented steps to ensure that all safety measures and guidelines from the Department of Health and the World Health Organization are disseminated to our properties and communities, and our property management teams are well staffed and prepared with the proper contingencies to assist the needs of our tenants and residents. We are prepared for medical emergencies, and protocols are in place should we encounter COVID-19 cases within our properties. We have no reported cases at this time, but we are preparing for all eventualities.
We also augmented our equipment and know-how to implement additional precautionary measures in our communities, including the regular disinfection of common areas and tapping the expertise of hospital-grade cleaning providers to train our teams in applying high standards of sanitation in our properties.
Our employees are likewise important to us, as they are the lifeblood of our operations and services to you. Our valuable concierge, security personnel, housekeeping, and engineering staff will continue to serve you round the clock. And to do so without compromising their health and safety, they have been equipped with protective gear and are strictly observing hygiene measures to reduce the risks of transmission.
Furthermore, our support staff who are servicing our partners, tenants, and property buyers are adopting flexible working arrangements to continue to assist you. We will be open with augmentation from personnel who will be working from home as part of the contingencies we have in place. Our partner and client-facing teams will inform you of any adjustments on this end, and we hope for your understanding as we also protect the health of our employees and their families, and support government efforts to contain the further spread of COVID-19 in the country.
Rest assured that no matter the difficulties, we are here for you and we are here to stay. Our company has been around for 34 years, with our strong foundations built upon the wisdom and experience of our management, and the expertise of our young, committed, and dependable team. We have endured disasters and economic downturns for more than three decades, and with your help and cooperation we can weather this challenge together and come back from this even stronger.
As you also do your personal assessment of what’s going on, let us know how we can help you.
If you have any concerns with your property purchase, call your agent or send our documentations and collections team a message. We are going to provide utmost consideration and assistance to our clients who have been diagnosed with COVID-19. Let’s talk and please don’t worry.
If you are feeling unwell or need medical assistance, call or Viber our building concierge. Our Urgent Care Clinic at Centuria Medical Makati, located in Century City, is open 24 hours for your medical needs should you feel worried about possible coronavirus symptoms or other illnesses.
Retail tenants are also welcome to contact us for questions concerning the latest guidelines from the government as malls and other public-facing establishments reduce operating hours.
In case stores have run out of alcohol, sanitizers, or hygiene kits, let our concierge know and we will do our best to help source them for you.
Contact details of our various support teams are below. Or simply reply to this e-mail so we can have someone assist you immediately.
We are here to help ease your concerns. We are confident that the resilience of Filipinos, coupled with everyone’s perseverance and cooperation, will help our country emerge stronger from this challenge.
Thank you for your time and please remember to take the necessary health precautions for you and your family. We pray for everyone’s safety as we navigate this challenge and will update you as we have new and pertinent information.
MARCO R. ANTONIO
President and CEO
Century Properties Group
Please contact us for your concerns:
Urgent Care Clinic
Centuria Medical Makati
+63 2 7793 8750
Property Management Office
+63 8888 4726
+63 917 589 6560+63 8478 5157
Property Management Office
+63 917 672 4050
+63 2 8860 9500
local 100 and 101+63 2 8860 9500
local 555 and 333