HIGH-END developer Century Properties Group, Inc. said net profit rose 3% in the first quarter, laggging revenue growth.
In a statement, Century said net profit was P513.06 million against P500.56 million a year earlier, while revenue grew 10% to 2.85 billion.
Century’s projects include Essensa East Forbes and Gramercy Residences, though it also has a residential community in Carmona, Cavite.
The company’s relatively flat profit growth may signal general sluggishness in the condominium sector and subdued confidence in the purchase of big-ticket items, with high-end clients seen as likely to make cash purchases.
Source: Businessworld Online | May 22, 2014