MANILA, Philippines – Century Properties Group Inc. said its profit more than tripled last year on higher sales from international markets.
In a disclosure to the Philippine Stock Exchange, the property developer said its net income grew by 382 percent to P866 million last year from P180 million in 2010.
Total sales rose 53 percent to P4.70 billion from P3.07 billion in 2010.
The company pre-sold P18.4 billion worth of units last year, up 129 percent from P8 billion in 2010.
Century Properties pre-sold 5,367 units, or double the 2,325 units in 2010.
“Century believes it was able to attain this sales growth in large part due to its efforts to sell to Filipinos living overseas, as well as foreign nationals,” the company said, adding that 67 percent of its pre-sales came from international markets.
Jose Carlo R. Antonio, the company’s chief financial officer, said pre-sales for the first quarter of 2012 hit P5.3 billion consisting of 812 units, allowing Century Properties to remain on track for its P20 billion pre-sales target for the full year.
“We remain upbeat about the Philippine economy and property sector, and our first quarter results strengthen our resolve to deliver differentiated projects across multiple price points,” Antonio said.
The board of Century Properties approved dividends representing 10 percent of 2011 net income, or P85.4 million.
The company has four master planned developments, namely Century City in Makati City, Canyon Ranch in Cavite City, Azure Urban Residences in Paranaque City, and Acqua Residences in Mandaluyong City.
Upon full completion, these four master planned developments are expected to contain 15,703 condominium and office units, and 955 single detached homes, with a total expected gross floor area of 1,185,024 square meters.
Source: Interaksyon | April 16, 2012