MANILA, Philippines – Continuous growth in sales of residential units and increasing earnings of the property management business allowed Century Properties Group Inc. to post another double-digit growth in earnings.
In the first half, the listed property firm’s earnings jumped 12 percent to P1.06 billion “led by strong and sustained residential sales and growing earnings from property management.”
Profits climbed 14 percent to P555 million in the second quarter while revenues gained nearly a tenth to P2.69 billion.
Revenues picked up seven percent to P5.29 billion in the first semester, the company said in a statement.
Century Properties said it is on track to hitting its full year pre-sales target of P24 billion on the back of “innovative and co-branded projects with renowned designers.”
The company said its pre-sales jumped 13.3 percent to P12.1 billion in the first six months from P10.7 billion in the same period of last year.
“Successful sales across all of our community developments in Century City in Makati, Azure Urban Resort Residences in Parañaque City, Acqua Private Residences in Mandaluyong City and the Residences at Commonwealth in Quezon City contributed to this boost in earnings,” Century Properties said.
In the January to June period, Century Properties spent P4.6 billion, on track to meet its P8 billion capital expenditure for the entire year.
Despite the record spending, Century Properties said it has ample resources given the full collection of its receivables and cash payments from buyers.
“These strong financial results have allowed the company to grow the business on all fronts,” Century Properties said.
“It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” it added.
For instance, earnings from subsidiary Century Properties Management Inc. expanded 26 percent to P138 million in the first half.
The company targets to grow its recurring income with the opening of the P1-billion Century City Mall by the end of the year, as well as the construction of new office towers in Fort Bonifacio and Makati.
Century Properties expects its net income and pre-sales to reach a record P3 billion and P30 billion, respectively, by 2015 through existing inventory, unlaunched projects and leasing portfolio.
With 27 years in the business of real еstatе development, marketing and property management, Century Properties has completed 21 condominium buildings (5,560 units) with a total gross floor area of 669,857 square meters and is managing 50 properties as of end-2012.
Source: The Philippine Star | August 16, 2013