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Century Properties books 2-digit profit growth

MANILA, Philippines – Listed Century Properties Group Inc. continued its trend of posting double-digit profit growth in the first quarter due to strong residential sales.

In a statement, Century Properties said its earnings grew 10 percent to P501 million in the first quarter of the year from P454 million in the same period last year.

Total revenues gained five percent to P2.6 billion compared with P2.5 billion a year ago, the real еstatе firm said.

“Century Properties achieved reasonably strong results in the first quarter of the year,” said Century Properties chief finance officer Carlo Antonio.

Antonio said the continued momentum of the company’s pre-sales show the brand’s strength, which was boosted by brand collaborations for its masterplanned projects.

Residential pre-sales hit P5.8 billion in the first quarter, up 10 percent from P5.3 billion last year due to high sales coming from its Trump Tower at Century City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth.

Century Properties said its gross margin and operating margins improved to 44 percent and 19 percent, respectively, from 42 percent and 17 percent last year.

The property firm said it distributed P184 million in dividends to shareholders in the first quarter, up by a tenth from last year.

The residential builder has turned over the Gramercy Residences, Century Properties’ first project within Century City in Kalayaan Ave., Makati.

For this year, the company is scheduled 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.

Century Properties will continue riding on the property boom as it aims to double its profits and substantially jack up its pre-sales under its 2013-2015 growth plan.

Specifically, net income and pre-sales is targeted to reach a record-high P3 billion and P30 billion, respectively, by 2015. The listed firm is coming from a banner year as its profits more than doubled to P1.86 billion in 2012 from P866 million a year ago while pre-sales climbed 16.6 percent to P21.4 billion.

In March, the real еstatе firm raised P1.64 billion from an equity offering to foreign investors that will support its landbank expansion in Metro Manila and secondary cities.

To date, Century Properties has five key projects totaling 31 buildings and 955 single detached homes. It 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: Philippine Star | May 20, 2013


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