CPG profit down 30%

PROPERTY developer Century Properties Group (CPG) saw a 29.6-percent decline in net profit last year to P1.53 billion as revenues from residential development dropped.

The group recorded revenues from real estate sales at P7.75 billion, 28.3 percent lower than the level in 2014, CPG said in a regulatory filing.

“The decrease in real estate sales was attributable to less revenues recognized in 2015 for projects that were turned over in 2015 and prior years. A significant portion of revenues from these projects was already recognized in 2014 and prior years. In addition, there were less project launches in 2015,” the company said.

But CPG reported an increase in leasing revenues to P311.7 million last year from P207 million the previous year as the group booked earnings from the first full year of operations of Century City Mall. Makati’s newest mall opened only in March 2014.

Capital expenditures from 2016 through 2020 were estimated at P25 billion, consisting of both capital outlays for residential and leasing assets.

Between 2016 and 2019, CPG expects to deliver another 20 towers comprising of close to 10,300 residential and office units, gross floor area of 751,000 square meters and total sales value of about P58.95 billion. These projects are already 95 percent sold. Doris Dumlao-Abadilla