Century Properties Group Inc. said net income after tax in the first quarter rose 3 percent to P513.1 million from P500.6 million a year ago, on the back of a 10-percent growth in revenues.

Earnings before interest, taxes and deprecation improved 14 percent to P815.90 million in the January-March period from P715.00 million a year earlier, as gross profit increased 19 percent to P1.2 billion from P1.1 billion.

Consolidated revenues climbed 10 percent to P2.85 billion in the three-month period from P2.6 billion registered in the same period in 2013. Revenues from real еstatе sales rose 8 percent to P2.39 billion from P2.21 billion.

“Such growth is attributable to a continued increase in project sales, as well as healthy collection statistics across all its residential segments,” the company said in a statement.

It said collections were derived from completion of Knightsbridge Residences project in Century City and turnover of the Rio, Santorini, St. Tropez towers at the Azure Residences.

“There have, likewise, been increased construction accomplishments in its projects in Century City in Makati, Acqua Private Residences in Mandaluyong, and the Residences at Commonwealth in Quezon City,” the company said.

Century Properties said revenues from property management arm, Century Properties Management Inc., increased 11 percent to P71.70 million from P64.50 million the prior year. CMPI is the largest independent property manager in the country, with 49 buildings covering 2.6 million square meters under management.

Its notable projects under management include the Asian Development Bank, Makati Medical Center and Pacific Star Building.

Total assets amounted to P26.73 billion while shareholders’ equity stood at P11.95 billion at the end of the first quarter of the year, the company said.

Pre-sales in the first quarter amounted to P5.3 billion, of which 69 percent were affordable projects or units priced below P3.6 million, 22 percent were middle income projects or units priced between P3.7 million and P7.2 million and 9 percent were luxury projects or units priced above P7.3 million.

Source: Manila Standard Today | May 24, 2014