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Century Properties’ earnings drop despite record revenue in 2013

MANILA – Century Properties Group Inc reported a slight dip in earnings last year even as revenues hit an all-time high.

In a statement, the property company of Executive Chairman of the Board Jose EB Antonio said its net income fell 1.9 percent to P1.8 billion last year from the P1.84 billion in 2012 because of an “increase in income taxes.”

Revenues reached a record P10.8 billion in 2013, up 12.5 percent from the P9.6 billion in the prior year, on the back of “strong sales and healthy collection levels across all its residential segments.”

To sustain sales growth, Century Properties drew its strength from its differentiated real еstatе products through collaboration with world-renowned brands such as Trump, Versace Home, Armani/Casa, MissoniHome, GE Healthcare and yoo inspired by Starck, among others.

“We have partnered with these brands because we believe that brands convey quality, credibility, and experience. The strength in our pre-sales is proof of the success of our concept,” said Kristina Garcia, Century Properties director for investor relations.

Last year, the real еstatе firm’s pre-sales amounted to P24.6 billion, beating its target of P24 billion. The company launched over 3,400 units in 2013 worth close to P20 billion.

After opening Century City Mall last month, the company expects to complete five more projects for recurring income that will add roughly 110,000 square meters of gross floor area to its portfolio by 2018. They are the Centuria Medical Makati and Century Spire in Century City; an office building in Bonifacio Global City; and Acqua 6 at its six-tower development in Mandaluyong.

“Our goal of having a solid investment portfolio is starting to slowly come to fruition. Similar to how we deliver quality residential projects, we plan to deliver the same level of quality for our office and retail developments,” Garcia said.

Century Properties’ 2013 performance marks the first year of its three-year plan to grow pre-sales to P30 billion and profit to P3 billion by 2015, the company’s 30th year in the business. To attain that, the company must chalk up a compounded annual growth rate of 15 percent over the three-year period.

Source: Interaksyon | April 10, 2014


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