REAL ЕSTATЕ developer Century Properties Group, Inc. saw profits grow by a tenth in the first quarter on higher sales, the company said in a statement over the weekend.
The company’s net income grew by 10% annually to P454 million in January-March from the same period a year ago.
In the same comparative periods, Century Properties’ revenues rose by 5% to P2.6 billion from P2.5 billion.
Pre-sales, the company said, stood at P5.8 billion in the three-month period, 10% more than P5.3 billion the previous year.
The company attributed the sales growth to Trump Tower at Century City and Acqua Iguazu yoo inspired by Starck, which are both located in Makati City; as well as to Azure Urban Resort Residences in Parañaque City and the Residences at Commonwealth projects in Quezon City.
The statement quoted Jose Carlo R. Antonio, Century Properties’ chief financial officer, as saying the company plans to develop more projects across market segments.
“The continued momentum of our pre-sales is testament to the strength of our brand, and our company’s capability to deliver as proven by our current projects that are currently in various stages of completion,” Mr. Antonio said in the statement. “We have kept up with the industry’s continued upward mobility and will continue to do so by committing to deliver quality projects in the affordable, mid-end and luxury segments.”
The company has earmarked as much as P8.20 billion for capital expenditures this year to fund ongoing projects. That amount is 13% more than the P7.26 billion that was actually spent last year.
The company’s ongoing master-planned communities are: Century City, a 3.4-hectare mixed-use project in Bel-Air, Makati City that consists of eight condominiums, a shopping mall, and a medical outpatient facility; Acqua Private Residences, a six-tower residential development in Mandaluyong City fronting Pasig River; Azure Urban Resort Residences, a nine-building, six-hectare development featuring a man-made beach and club designed by socialite Paris Hilton; and Canyon Ranch, a 25-hectare subdivision community within the 77-hectare San Lazaro Leisure Park in Cavite City.
Shares of Century Properties gained four centavos or 1.79% to close at P2.28 apiece on Friday last week from P2.24 each last Thursday.
Source: Businessworld Online | May 19, 2013