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Property firms bare strong Q3 results

LISTED upscale property developers Century Properties Group, Inc. and Rockwell Land Corp. saw profits rise at double-digit pace last quarter on higher real еstatе sales, according to latest financial reports they disclosed late last week.

Century Properties’ net income rose 13.38% to P529.6 million in the July-September period from P467.1 million the past year, according to unaudited financial statements in its report. Revenues jumped 19.40% to P2.40 billion from P2.01 billion, driven mainly by real еstatе sales as well as interest income. Cost of sales and services climbed 16.47% to P1.98 billion from P1.70 billion.

Third-quarter performance brought profit to P1.59 billion as of September, up 12.77% from P1.41 billion in the same nine months last year. Revenues increased 11.91% to P8.08 billion from P7.22 billion, while cost of sales and services went up 8.04% to P5.78 billion from P5.35 billion.

Pre-sales as of end-September reached P18.1 billion, placing the company “on track to hitting its full-year target of P24 billion, compared to its 2012 full-year sales… of P21.4 billion,” Century Properties said in a separate statement over the weekend.

Meanwhile, Lopez-led Rockwell Land grew net income by 40.71% to P367.4 million last quarter from P261.1 million in the same period year, according to unaudited financial statements in its report. Revenues jumped 50.70% to P2.14 billion from P1.42 billion, while costs and expenses surged 51.83% to P1.62 billion from P1.06 billion.

This brought net income to P1.62 billion as of September, up by 52.83% from P1.06 billion in the same nine months last year on higher revenues. Revenues jumped 34.84% to P5.38 billion from P3.99 billion, while expenses rose 34.54% to P4.09 billion from P3.04 billion.

In its financial report, the company said: “83% of the revenues came from the sale of condominium units, including accretion of interest income.”

Last Friday saw shares of Century Properties gaining two centavos or 1.09% to close P1.85 apiece and those of Rockwell Land also adding two centavos or 1.11% to P1.82 each.

Source: Businessworld Online | November 17, 2013


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