Century Properties Group Inc. reported that its net profit in the first 10 months of last year grew significantly driven by higher real еstatе sales.

In a regulatory filing, Century Properties said that its net income reached P780.91 million in the January to October period, up 438 percent from P143.46 million in the same period in 2010.

Net income attributable to equity holders grew 398 percent to P779.65 million last year from P156.66 million in 2010.

The company’s revenues doubled to P4.02 billion in the January to October period from the previous year’s P2.09 billion.

Sales of the company’s real еstatе expanded by 86 percent to P3.22 billion from P1.73 billion.

Besides real еstatе sales, revenues include property management fee and other services as well as interest and other income, which rose by 567 percent to P637.22 million from P95.50 million.

Cost and expenses jumped 60 percent to P2.89 billion from P1.81 billion on higher cost of real еstatе sales, which grew by 78 percent to P2.098 billion from P1.176 billion.

Last month, Century Properties announced it raised its market share from 6 percent in 2010 to
10 percent at end-September 2011. This is based on reservation sales value computed using the average contract prices of residential condominium projects.

Data from Colliers International showed Century Properties ranked third in condominium pre-sales in Metro Manila at end-September.

Last year, Century Properties completed its backdoor listing in the local bourse with the takeover of dormant firm East Asia Power Corp.

The 26-year-old property developer has a combined portfolio of more than 65 projects under development and property management.

Its shares added 9 centavos or 4.48 percent to P2.10 each on Monday.

Source: The Manila Times, Jan. 31, 2012