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CPG net income up 12% in 1st 9 mos. of 2013

Century Properties sustained its growth trajectory in the first nine months of the year as net income grew by 12 percent to P1.6 billion from the P1.4 billion posted in the same period last year.

Consolidated revenues amounted to P8.1 billion, also a 12 percent increase from the same period last year.

Rеal еstatе sales increased by seven percent, which comprised the bulk of consolidated revenues.

Shareholders’ equity stood at P11.2 billion, a 35 percent increase from P8.3 billion last year.

Century Properties remains confident about its growth prospects, given the continued strength of its pre-sales, as well as its diversification into investment properties, specifically retail and office.

Pre-sales as of the end of September reached P18.1 billion and indications suggest that the Company is on track to hitting its full-year target of P24 billion, compared to its 2012 full year sales take-up of P21.4 billion.

Unbooked sales, meanwhile, stood at P29.6 billion at the end of the reporting period.

“We believe that Century Properties had another solid quarter of operating and financial results. With the turnover of the Gramercy Residences at Century City, two Azure urban resort residences buildings, and the near completion of the Paris Beach Club in Azure, we are now in a position to redeploy capital into a variety of commercial real еstatе projects, which we believe will provide attractive returns,” said Jose Carlo Antonio, CPG’s chief financial officer.

Source: The Daily Tribune | November 18, 2013


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