MANILA – Earnings of Century Properties Group Inc rose by a tenth in the first quarter on strong demand for its residential products.
In a statement, the property firm of Executive Chairman of the Board Jose EB Antonio said its net income increased to P501 million in the first three months of the year from P454 million in the same period last year.
Revenues inched up five percent to P2.6 billion from last year’s P2.5 billion. Pre-sales also climbed by a tenth to P5.8 billion from P5.3 billion last year buoyed by sales of Trump Tower at Century City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth projects.
“Century Properties achieved reasonably strong results in the first quarter of the year. The continued momentum of our pre-sales is testament to the strength of our brand, and our company’s capability to deliver as proven by our current projects that are currently in various stages of completion. Our brand collaborations also showed our strong commitment to deliver quality, well-designed and master planned projects,” said Carlo Antonio, Century Properties chief financial officer.
“We have kept up with the industry’s continued upward mobility and will continue to do so by committing to deliver quality projects in the affordable, mid-end and luxury segments,” the younger Antonio said.
After turning over the Gramercy Residences — Century Properties’ first project within Century City — the real еstatе firm is on track to complete the Knightsbridge Residences, the first three towers and the Paris Beach Club of the Azure Urban Resort Residences, and the Century City Mall by the end of the year.
The property developer is gearing up for the next stage of growth with pre-sales expected to hit P30 billion and net profit seen to reach P3 billion by 2015, the company’s 30th year in the business.
The financial projections represent a compounded annual growth rate of 15 percent over the three-year period.
Century Properties capped its initial three-year growth plan that commenced in 2009 with a 114 percent surge in net income to P1.86 billion last year and doubling revenues to P9.6 billion.
Source: Interaksyon | May 19, 2013