Century Properties Group, Inc. (CPG:PM) today disclosed the results of its financial performance for the first quarter of 2014. Consolidated revenues amounted to P2.85 billion, up 10% from P2.60 billion registered in the same period in 2013. Revenues from real еstatе sales, amounted to P2.39 billion, an 8% increase from P2.21 billion the previous year.
Such growth is attributable to a continued increase in project sales, as well as healthy collection statistics across all its residential segments. Collections were derived from completion of its Knightsbridge Residences project in Century City and turnover of its 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.
Century Properties also disclosed that revenues from its property management arm, Century Properties Management, Inc. (CPMI) increased 11% at P71.70 million from P64.50 million the prior year. CMPI is the largest independent property manager in the country today, with 49 buildings totaling 2.6 million square meters under management. Notable projects under management include the Asian Development Bank, Makati Medical Center, and Pacific Star Building.
The company further announced that its gross profit amounted to P1.2 billion for the quarter, up 9% from P1.1 billion in the first quarter of 2013. Earnings before interest and taxes (EBIT) amounted to P809.30 million in the first quarter of 2014, up 13% from P714.30 million in the same period last year. Earnings before interest, taxes, and deprecation (EBITDA), on the other hand, amounted to P815.90 million, rose 14% P715.00 million the previous year.
Pre-tax profit was up 4% year on year at P741.02 million from P714.25 million. Profit after tax amounted to P513.06 million, a 3% increase from the P500.56 million registered last year.
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.
Pre-sales for the same period amounted to P5.3 billion of which 69% were affordable projects or units priced below P3.6 million, 22% were middle income projects or units priced between P3.7 million and
P7.2 million, and 9% were luxury projects or units priced above P7.3 million. Sales from the luxury segment include sales generated from the company’s latest project called Century Spire.
Century Spire is a 60-story residential and office tower. The architecture was designed by Daniel Libeskind, the master plan architect for the reconstruction of the Ground Zero in New York City. Interiors for the amenities and common areas will be done by Armani/Casa Interior Design Studio. Century Spire’s groundbreaking will be held on May 28 at Century City, Makati with Daniel Libeskind and the Armani/Casa team in attendance.
In addition to Century Spire, the company will soon launch a sixth tower at its Acqua project, as well as a residential tower at its Pampanga site, which will be called Azure North. The launch of Azure North will be Century Properties’ first project outside of Metro Manila.
“Given the general economic sentiment and outlook and continued strong demand for residential projects, not just from Century Properties, but from other property developers as well, we remain positive about prospects for the industry,” said Kristina Garcia, Director for Investor Relations. “We believe that the steps we have taken to differentiate our projects are beginning to pay off. We have seen strong demand, especially from overseas Filipinos for projects in all the segments we are in,” added Garcia.
Aside from its residential business, Century Properties has been focused on building its investment portfolio for recurring income, the first of which was the recently opened Century City Mall. The mall has a net leasable area of 17,000 square meters and is 99% leased and 100% reserved. Of the 110 retail outlets, 80 will be open by the end of May.
Other projects in the pipeline include Centuria Medical Makati, which will be completed at the end of the year; Century Spire, which will complete the premium office block in Century City; an office building in Bonifacio Global City to be completed by 2017, and Acqua 6 at its Acqua development. The company expects roughly 110,000 square meters of gross floor area from the said projects.
“Building our investment portfolio was one of the strategic decisions that we made a couple of years ago to position the company to create even greater value and leverage on the strength and quality that Century Properties has become known for,” said Garcia.
About Century Properties
In the last five years, Century Properties has developed premium market leadership through design and partnering with world renowned brands such as Trump for the Trump Tower at Century City, Missoni Home for Acqua Livingstone, Versace Home for Milano Residences, John Hitchcox and Philippe Starck through yoo inspired by Starck for Acqua Iguazu residences, and Armani/Casa and Studio Daniel Libeskind for Century Spire.
Century Properties Group, Inc. is a forerunner of premium real еstatе developments in the Philippines. Since it was founded 28 years ago, Century Properties has transformed close to a million square meters of space into premier residential and office developments in and outside Metro Manila. Its name has become synonymous with quality real еstatе projects that showcase the best of innovations and world-class design, with a desire to contribute to the transformation of the Philippines into a global destination. ###
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Azure Urban Resort Residences completed its first two residential towers in 2013 and held a grand launch in March 2014 to showcase the completion of the third Azure tower and the Paris Beach Club, attended by Ms. Paris Hilton.