Century Properties Group, Inc. posted a 12 percent improvement in net income to P1.06 billion in the first half of 2013 on the back of strong and sustained residential sales and growing earnings from property management.

In a statement, the firm said total revenues increased to P5.29 billion, representing a 7 percent growth from the first half of 2012.

Century said it is on track to meet its full-year pre-sales target of P24 billion, due to the execution of the company’s business strategy of having innovative and co-branded projects with renowned designers.

The firm said it posted a 16 percent jump in pre-sales earnings to P6.3 billion in the second quarter of 2013 compared to the same period last year.

With R5.8 billion in pre-sales during the first quarter of 2013, Century has already reached P12.1 billion in pre-sales for the first half of the year, or more than 50 percent of the full year pre-sales target.

“Successful sales across all of our community developments…contributed to this boost in earnings. Our buyers have become increasingly confident with their property purchases as they get to see our developments rising and getting completed on time or ahead of schedule,” said Century Properties.

The company has allocated P4.6 billion for capital expenditures in the first six months of 2013, on track to meet its R8.0 billion capex 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: Manila Bulletin | August 16, 2013