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Property firm notes higher Q2 sales

LISTED Century Properties Group, Inc. saw reservation sales increase by double-digit rate last quarter, the company said in a statement attached to a disclosure yesterday.

The company generated some P6.3 billion reservation sales — also called “pre-sales” — from April to June, up by 15.9% from the amount reported in the same period last year.

This brought the company’s first semester pre-sales to P12.1 billion, up by 13.08% from P10.7 billion year on year.

“We are on track to meet the P24-billion pre-sales target for 2013,” Chief Financial Officer Jose Carlo R. Antonio said in the company’s annual stockholders’ meeting in Makati City yesterday.

The target is 12.15% more than the P21.4-billion actual reservation sales recorded last year.

Strong pre-sales were attributed to Century projects Trump Tower at Century City in Makati City, Acqua Iguazu yoo inspired by Starck in Mandaluyong City, Azure Urban Resort Residences in Parañaque City and the Residences at Commonwealth in Quezon City, the firm said.

“The continued momentum is driven by the balanced offering of Century’s innovative residential properties for the luxury, middle income and affordable markets,” Mr. Antonio was quoted in the statement as saying.

The company said 70% of pre-sales in the second quarter came from overseas markets and 30% were from the Philippine market.

Of pre-sales in that period, 21% consisted of luxury properties (priced at least P7 million), 25% came from the middle-income segment (P3.5-7 million), and 54% from the “affordable” residences segment (P1.5-3.5 million), according to the company.

Century Properties’  President and CEO Jose Marco R. Antonio told reporters after the meeting that the company plans to launch new projects in Pampanga, as well as in the cities of Makati and Taguig.

“Makati and Taguig will be office and Pampanga would be residential,” he said, even as he could not give the timetable for project groundbreaking.

He said construction of more office buildings comes as the company moves to “diversify its revenue stream.”

The company is also keen on participating in the government’s thrust to boost tourism. “Century sees a lot of potential in the tourism sector. We will be sharing information once available. We will be looking at natural beach properties,” Mr. Antonio said.

This year, the company has programmed P7 billion in capital expenditure for land bank acquisition and construction of projects, higher than P3-4 billion actually spent last year, he said.

The company booked a P500.56-million net income in the first quarter, up by 10.36% from P453.55 million in the same period last year.

Revenues went up by 4.84% to P2.60 billion from P2.48 billion, while cost and expenses increased by 1.62% to P1.88 billion from P1.85 billion.

The company’s shares added four centavos or 2.94% to close at P1.40 apiece yesterday from P1.36 each on Friday last week.

Source: Businessworld Online | July 1, 2013


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