Quantcast
Latest Stories

Century Properties nets P1B for first half of 2013

By

MANILA, Philippines–Property developer Century Properties Group (CPG) posted a 12-percent growth in first-half net profit to P1.06 billion on higher revenues booked from residential development and property management.

For the second quarter alone, CPG posted a net income of P555 million, 14.1 percent higher than the level a year ago. This was on the back of a 9.6 percent year-on-year increase in revenues to P2.69 billion.

For the six-month period, revenues went up by 7.2 percent to P5.29 billion.

“These strong financial results have allowed the company to grow the business on all fronts. The sustained momentum in residential sales drives the completion and delivery of Century projects every few months. It also paved for our foray into the recurring income business and acquire properties in strategic locations for new development projects,” CPG said in a statement.

Meanwhile, earnings from the company’s property management arm, Century Properties Management Inc., grew by 26 percent in the first half to P138 million from the same period last year.

As an indicator of future earnings growth, CPG reported P12.1 billion in pre-sales take-up for the first half, reaching more than 50 percent of the full year target.
 This was attributed to brisk sales from projects in Century City in Makati, Azure Urban Resort Residences in Parañaque City, Acqua Private Residences in Mandaluyong City and the Residences at Commonwealth in Quezon City.

CPG aims to hit P30 billion in pre-sales and P3 billion in net income by 2015. The company added that it’s on course with its plan to grow its recurring income with the opening of the P1-billion Century City Mall by yearend, as well as the building of new office towers in Fort Bonifacio and Makati, which CPG said would be announced in the coming months.

Meanwhile, CPG reported that cash flow from operations or earnings before interest and taxes, amounted to P191 million for the six months ending June.

The company spent P4.6 billion for capital outlays in the first six months, on track to meet its P8-billion capital expenditure budget for the full year.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Century Properties Group , profitability

  • oh_noh

    nagbubunga na ang pang-ga-gancho ng cp! *congrats*



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace