Century Properties Group, Inc. said profit for the first half of the year reached P1.06 billion, similar to last year.

Consolidated revenues stood at P5.62 billion, 6 percent higher than last year’s P5.29 billion, as the company’s real еstatе businesses posted a 4 percent increase in sales at P4.75 billion from P4.57 billion, while interest and other income reached P682.5 million, up 18 percent from P577.7 million the previous year.

The company’s second quarter  posted a profit of P543.9 million, lower than last year’s P555.4 million.

Consolidated revenues reached P2.32 billion, down from last year’s P2.36 billion.

The company said it is “evolving” into a  “leading well-diversified real еstatе developer that will have significant recurring and predictable revenue streams” from being a “leading” residential developer in Metro Manila.

“In line with this strategy is the company’s announcement of its projected near-term project completions of a total of 17 buildings from 2012 to 2017 from across its portfolio of luxury, middle income and affordable residential condominiums, as well as retail and medical office developments,” Century Properties said.

“By 2019, Century will complete five commercial buildings for office and a condotel totaling over 100,000 square meters, which will provide a stable and balanced stream of cash flows,” the company added.

Celebrating its 28th year as a developer, Century Properties said it has completed 25 condominium developments, equivalent to 8,777 units on a year to date basis. The pipeline projects will bring its completed projects to 31 by 2019.

“Since our near-term focus is on diversifying the business, we characterize the next few years as our building phase. We are working on building a commercial leasing portfolio that will help position us to pursue consistent, profitable long-term growth,” said Kristina Garcia, Century Properties director for investor relations.

The company has allocated P8 billion as capital expenditures for the year for its various projects.

In March it completed the 50,000 square meter five-level lifestyle center, Century City Mall, Makati City’s newest mall in nearly a decade. The company is also set to turn-over to unit buyers the space for outpatient IT-medical arts building, Centuria Medical Makati. The 28-storey project will cater to local residents and medical tourists with over 500 doctors’ clinics and complementary facilities such as a diagnostic laboratory, day surgery center and pharmacy.

Source: Malaya | August 18, 2014