Century Properties net profit up 10%

MANILA, Philippines—Property developer Century Properties Group Inc. posted a 10-percent growth in first-quarter net profit to P501 million on higher revenues and margins.

CPG, which is led by the Antonio family, booked revenues of P2.6 billion in the first quarter, 5-percent higher than the level in the same period last year.

The company also reported improvements in gross, operating and net income after tax margins. Gross margin in the first quarter was at 44 percent compared to 42 percent last year while operating margin increased to 19 percent from 17 percent.

As an indicator of future growth, CPG also registered residential pre-sales amounting to P5.8 billion in the first three months, up 10 percent year-on-year. This was attributed to strong sales coming from its Trump Tower at Century City, Acqua Iguazu yoo inspired by Starck, Azure Urban Resort Residences and the Residences at Commonwealth projects.

“Century Properties achieved reasonably strong results in the first quarter of the year. The continued momentum of our pre-sales is testament to the strength of our brand and our company’s capability to deliver as proven by our current projects that are in various stages of completion. Our brand collaborations also showed our strong commitment to deliver quality, well-designed and master-planned projects,” CPG chief financial officer Carlo Antonio said in a statement.

“We have kept up with the industry’s continued upward mobility and will continue to do so by committing to deliver quality projects in the affordable, mid-end and luxury segments,” he said.—Doris C. Dumlao