Century Properties posted 12.9% profit growth in first 9 months

Antonio family-led Century Properties Group (CPG) grew net profit attributable to equity holders of parent firm by 12.9 percent year-on-year to P608.55 million in the first nine months, citing a significant headway in its expansion and diversification road map.

For the third quarter alone, attributable net profit surged by 89.34 percent year-on-year to P175.96 million, the company reported to the Philippine Stock Exchange.

Including earnings attributable to minority interest, CPG’s net income in the first nine months hit P661 million, up 23 percent year-on-year and already exceeding the 2017 full-year goal of P650 million.

CPG said its thrust to diversify to other allied segments of real estate had started to change the company’s revenue profile, with affordable housing business now contributing 10 percent of gross revenues while leasing and property management now has a share of about 8 percent.

“Our numbers are very encouraging and a good indication that our company’s investments and initiatives to diversify and grow other revenue streams are starting to gain traction,” said Ponciano Carreon Jr., CPG’s chief finance officer and head for investor relations.

“We expect higher growth in the fourth quarter as we recognize revenue from the substantial completion of our in-city developments and affordable housing projects. A steady shift to allied segments of affordable housing, leisure and tourism and investment properties, in addition to the core real estate sales and income from property management, will continue to support CPG’s earnings recovery,” Carreon added.

Since becoming a publicly listed company in 2012, CPG has completed 23 out of its planned 32 residential condominium buildings with a gross floor area of one million square meters. All buildings are expected to be substantially completed by 2020. —DORIS DUMLAO-ABADILLA