MANILA – Century Properties Group Inc on Wednesday reported a double-digit increase in profit in the second quarter on higher sales.

In a statement on Wednesday, the property firm of former ambassador Jose E.B. Antonio said its net income rose 14.1 percent to P555 million in the April to June period from P487 million a year ago. This pushed earnings by 11.8 percent to P1.06 billion in the first six months from P954.9 million in 2012.

Revenues increased 7.2 percent to P5.29 billion in the first half from P4.94 billion a year ago. In the second quarter alone, the company grew 9.6 percent to P2.69 billion from P2.47 billion in 2012.

Pre-sales jumped 16 percent to P6.3 billion from last year’s P5.43 billion, bringing the six-month figure to P12.1 billion this year on the back of the “execution of the company’s business strategy of having innovative and co-branded projects with renowned designer.”

The real еstatе company’s pre-sales performance in the first semester represents half of its P24-billion target for the entire 2013.

“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,” Century Properties said.

After reporting its first-half financial performance, the listed firm said it is on track to achieve its pre-sales target of P30 billion and net profit of P3 billion by 2015.

“These strong financial results have allowed the company to grow the business on all fronts. The sustained momentum in residential sales drives the completion and delivery of Century projects every few months. It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” Century Properties said.

Earnings from the company’s property management arm, Century Properties Management Inc, climbed by more than a quarter to P138 million in the first semester.

Source: Interaksyon | August 14, 2013