Antonio family-led Century Properties Group saw a 55-percent growth in first semester net profit to P760 million as its affordable housing venture boosted real estate revenues.
A double-digit growth in leasing and property management businesses also contributed to the 26-percent year-on-year growth in consolidated revenue to P5.4 billion.
Real estate revenue rose by 26.46 percent year-on-year to P4.83 billion in the first six months, attributed to sustained revenue contribution of affordable housing segment in Batulao alongside additional substantial progress in construction and sales take-up of ongoing projects.
Leasing revenue also improved by 28.46 percent year-on-year to P247.86 million in the six-month period, mostly due to the start of operation and recognition of revenue of Asian Century Center.
Property management fees rose by 13.94 percent to P204.57 million in the first semester.
“This remarkable increase in our first half performance further affirms that we are on track with our business plans. We expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line,” CPG chief finance officer and head for investor relations Ponciano Carreon Jr. said in a statement.
CPG completed three additional in-city buildings in 2018 with P7 billion in sales value.
CPG completed one more Commonwealth tower this year with two more to follow by the fourth quarter of 2019.—DORIS DUMLAO-ABADILLA