The Century Properties group posted a net income of P866 million in 2011, up 382 percent from P180 million in 2010, on higher real еstatе sales.
Listed Century Properties said in a filing with the Philippine Stock Exchange consolidated revenues reached P4.7 billion in 2011, up 53 percent from P3.07 billion a year ago.
Revenue from real еstatе sales amounted to P3.760 billion in the year ended Dec. 31, 2011, up 44 percent from P2.61 billion a year ago.
“This increase was due primarily to significant construction accomplishments of The Gramercy Residences, The Knightsbridge Residences, and the Rio Building in Azure Urban Resort Residences, as well as newly completed units in the Canyon Ranch project,” Century Properties said.
Rеal еstatе revenue of Century City, a project along Kalayaan Avenue in Makati City that caters to the middle income and luxury segments of the market, increased 8.3 percent to P2.63 billion in 2011 from P2.43 billion in 2010.
Sales from the Azure Residences project in Bicutan rose to P659 million last year from P15.8 million in 2010, while revenue of the Canyon Ranch project increased 186 percent to P463 million in 2011.
The property company earlier said it aimed to generate P20 billion in reservation sales this year, up 10 percent to P18 billion, from the projected sale of 5,000 units.
Century Properties in February raised P2.33 billion through a share sale and private placement to finance real еstatе projects. It is looking to raise an additional P2 billion to P4 billion through borrowings.
Among the completed developments of CPG are Essensa East Forbes in Fort Bonifacio, the Philippines’ first fully fitted and fully furnished condominium, South of Market, also in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas and a collection of French-inspired condominium projects in Makati, called Le Triomphe, Le Domaine and Le Metropole.
Century manages 51 properties, including the Asian Development Bank and Makati Medical Center, as of end-2011.