Listed Century Properties Group Inc. (CPG) grew its net income by nearly 12 percent in the first half largely on strong residential sales.

In an e-mailed statement Wednesday, CPG said it netted P1.06 billion in January to June, up 11.8 percent from the P944 million a year earlier.

Revenues increased by 7.2 percent to P5.29 billion from P4.9 billion.

In the second quarter alone, net income was up 14.1 percent to P555 million from P491 million year-on-year. Revenues in the April to June was up 9.6 percent to P2.96 billion from P2.46 billion.

Pre-sales of residential units in the second quarter registered at P6.3 billion, bolstering the first half tally to  P12.1 billion which was more than half the target for the year.

“These strong financial results have allowed the company to grow the business on all fronts. It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” the company claimed.

Last week, CPG said it acquired an eight-hectare lot in San Fernando, Pampanga to build a mixed?use development.

Some P4.6 billion were used for capital expenditure (CAPEX) in the first six months, on track in meeting the P8 billion the company earmarked for CAPEX in 2013.

“Half” of its buyers have already paid their properties in full, with the balance “funded via mortgages from 12 partner banks.”

Earnings from the company’s property management arm, Century Properties Management Inc., grew by 26 percent in the first half  to P138 million year-on-year

The developer said it is on track to achieve its pre-sales target of P30 billion and net profit of P3 billion by 2015.

CPG, meanwhile, said it will turn over units at  Knightsbridge Residences in mixed-use development Century City in Makati by year-end.

In July, units in Azure Urban Resort Residences in Bicutan, Parañaque were turned over to clients.

CPG wants to turn over 10 more buildings through 2015, including Centuria Medical Makati and Milano Residences in Century City as well as towers in Acqua, Azure and Commonwealth.

Source: GMA News Online | August 14, 2013