Listed real-еstatе firm Century Properties Group Inc. has grown its profit by 10 percent in the first quarter of this year, after registering total revenues of P2.6 billion in the same period.

According to Century Properties, its P2.6-billion revenues represent a 5-percent increase over its first-quarter 2012 revenues of P2.5 billion. The developer’s net income, on the other hand, amounted to P501 million in the first quarter of the year, up 10 percent from P454 million in the same period last year. This is still far from the P3-billion profit target the company has set until 2015.

Also, Century Properties registered residential pre-sales amounting to P5.8 billion in the first three months of the year, with strong sales coming from its recently launched projects.

As of the end of first quarter, cash, cash equivalents and marketable securities of the firm were at P2.3 billion, driven primarily by the P1.6-billion top-up placement it issued late March, which will be used for the firm’s land-banking activities in key locations.

Century Properties earlier announced that it is eyeing P30 billion in pre-sales and a net income of P3 billion at the end of 2015.

Source: Manila Times | May 19, 2013