Property developer Century Properties Group Inc. (CPG) posted an 11.1-percent year-on-year decline in first-semester net profit to P445.81 million on lower residential development revenue.
Six-month real estate revenue fell by 29.3 percent year-on-year to P2.1 billion as revenues had already been recognized in prior years from project completions while there were fewer launches of condominium projects in line with its transition and streamlining plans, CPG said in a statement.
For the second quarter, CPG’s net profit fell by 61.2 percent year-on-year to P152.36 million likewise due to slower real estate sales revenue.
CPG, however, remains optimistic on the real estate industry.
“The key milestones, particularly the launch of PHirst Park Homes and, soon, our first tourism-oriented development, will be part of our cornerstones to long-term growth,” said Kristina Garcia, CPG director for investor relations.
In May, CPG launched PHirst Park Homes Tanza, its first affordable housing project. PHirst Park Homes projects will cater to first-time home buyers. It is a product platform that the company is undertaking with Japanese conglomerate Mitsubishi Corp.
For the first six months, CPG’s total revenue fell by 14.3 percent year-on-year to P3.35 billion.—DORIS DUMLAO-ABADILLA