MANILA, Philippines, August 15, 2012 — Property developer and publicly-listed firm Century Properties Group, Inc. (“Century”), a recognized industry leader in innovative real еstatе projects, reported a 91% net income growth to Php944 million in the first half of 2012 on the strong sales performance of its property developments. Century’s net income in the same period of 2011 was Php496 million. Total revenue for first half of 2012 increased by 133% to Php4.9 billion from Php2.1 billion in the same period in 2011. For the second quarter of 2012, total revenues and total income stood at Php 2.5 billion and Php 491 million respectively, representing a 146% growth in revenue and 28% growth in net income over the second quarter of 2011.
As of June 30, 2012, Century’s total debt is Php1.4 billion, representing a total debt to equity of 19%. On a net debt to equity basis, Century had a net debt to equity ratio of 10%. Century also strives to match its funding requirements with funding sources. All of the debt on its balance sheet is for projects that are significantly pre-sold, thus ensuring Century is on solid financial footing.
“Century continues to execute its business plan of developing products that are relevant for today’s marketplace. We remain steadfast in our attempt to diversify our product portfolio. For the second quarter of 2012, we generated P5.4B in pre-sales, of which 19%, 40% and 41% came from the luxury, middle income and affordable markets, respectively,” said Century’s Chief Financial Officer Jose Carlo R. Antonio.
For the first half of 2012, Century’s pre-sales stood at Php10.7 billion, representing a 18% growth over the first half of 2011, and represents 54% of it’s Php20 billion 2012 full year pre-sales target. Furthermore, Century remains an industry leader in international sales with 66%, or Php7.1 billion, coming from the international market for the first half of 2012.
To further expand Century’s offerings in the affordable market, it launched in July 2012 “The Residences at Commonwealth by Century”, a project with sales value of over Php10 billion. The 4.4-hectare, 8-tower development will have a total of 2,300 units and will have a construction cost of Php 4.1 billion.
Rising in Commonwealth Avenue right beside Don Antonio Heights, the Commonwealth project brings Century’s vaunted heritage of upscale visionary real еstatе development in the Quezon City area, redefining its standards for residential living. During the launch, Century’s Co-Chief Operating Officer and Managing Director Jose Marco R. Antonio said: “Commonwealth by Century will surpass the usual standards set for residential projects within this category by introducing pioneering amenities and concepts that will far exceed what the market has been accustomed to. Century will introduce the “uncommon” to redefine the standards for residential living in Quezon City.
With the inclusion of Commonwealth in its product offerings, Century’s portfolio consists of 20%, 44%, 36% in the luxury, middle income and affordable markets, respectively. “For the medium term, Century’s platform is on solid footing as it has Php25 billion of unbooked revenues, with pre-sales good for the next five years as it has over 4,400 of un-launched units, and an additional 1,966,865 sqm of land bank.
With 26 years in the business of real еstatе development, marketing and property management, Century Properties has completed 20 condominium buildings (4,128 units) with a total GFA of 548,262 sqm and is currently managing 51 properties as of December 31, 2011. Delivering differentiated, quality real еstatе has been Century Properties’ commitment in its almost three decades in the business of full-service real еstatе development, marketing and property management. “On top of the basics, we offer spaces with the best values that make the residential and commercial purchase truly worth the investment, and the experience truly uplifting and life-enhancing,” Antonio said. The company is listed in the Philippine Stock Exchange under the symbol CPG.