Century Properties Group Inc. said it registered sales increase as well as bigger contribution from its property management unit during the first half of the year, bringing its profit for the period to more than P1 billion.
The company reported through its disclosure to the Philippine Stock Exchange on Thursday that it registered a 12-percent increase in its net income to P1.1 billion in the first half of 2013 compared to the same period last year.
For the second quarter of the year alone, the company netted P555 million, or a 14.1-percent increase from the same period in 2012.
The net income, the company specified, was led by strong and sustained residential sales and growing earnings from property management.
During the first half of the year, total revenues of Century Properties amounted to P5.3 billion, representing 7.2-percent growth from last year, while its second-quarter revenues jumped 9.6 percent to P2.69 billion.
Century Properties added that the strong financial results has set the proper course toward achieving its targets for its second stage of growth where it targeted to hit P30 billion in pre-sales and P3 billion in net income by 2015.
“These strong financial results have allowed the company to grow the business on all fronts. The sustained momentum in residential sales drives the completion and delivery of Century projects every few months. It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” the company said in a statement.
For the full-year 2013, the company plans to hit pre-sales target of P24 billion, having to reach P12.1 billion in pre-sales for the first half of the year.
The listed developer has also allocated capital expenditure (capex) of P4.6 billion for the first six months of 2013, half of the P8-billion capex it allocated for the full year of 2013.
Meanwhile, earnings from the company’s property management arm, Century Properties Management Inc., grew by 26 percent in the first half of 2013 to P138 million from the same period last year.
Source: The Manila Times | August 15, 2013