Property developer Century Properties Group’s net income for the first nine months of the year grew by 12 percent to P1.6 billion from last year’s P1.4 billion, due to sustained real еstatе sales.
In a statement, Century Properties said consolidated revenues from January to September 2013 amounted to P8.1 billion, also a 12 percent increase from the same period last year. Rеal еstatе sales, which comprised the bulk of consolidated revenues, rose seven percent.
Century Properties was also confident about its growth prospects, given the continued strength of its pre-reservation sales, as well as its diversification into investment properties, specifically retail and office.
Reservation sales as of the end of September reached P18.1 billion, which is on track to with the P24-billion 2013 reservation sales target. Unbooked sales, meanwhile, stood at P29.6 billion.
According to Century Properties Chief Finance Officer Jose Carlo R. Antonio, given the company’s performance from residential sales, the company will now also focuse on boosting its commercial projects which could provide attractive returns for the company.
Source: GMA News Online | November 18, 2013