Century Properties profit up 284%

MANILA, Philippines—Property developer Century Properties Group Inc. grew its 2011 net profit attributable to parent equity holders by 284 percent to P864.5 million on higher revenues from real estate operations.

Including non-controlling interests, CPG’s net profit last year expanded by 382.2 percent to P866.1 million from the previous year.

For 2012, CPG chief finance officer Jose Carlo Antonio said the firm’s pre-sales for the first quarter hit P5.3 billion consisting of 812 units, keeping it on track to hitting its P20-billion pre-sales goal for this year.

Century plans to at least double this year its P866-million profit last year.

“We remain upbeat about the Philippine economy and property sector and our first-quarter results strengthened our resolve to deliver differentiated projects across multiple price points,” Antonio said.

In the meantime, CPG’s board approved the release of dividends of 10 percent of 2011 income, or P85.4 million.

For 2011, CPG grew its sales by 53 percent to P4.7 billion. Revenues booked from real estate sales amounted to P3.76 billion, up 43.9 percent from the year before. This was due to significant construction progress in The Gramercy Residences, The Knightsbridge Residences and the Rio Building in Azure Urban Resort Residences.

Cost and expenses last year amounted to P3.45 billion, up from P2.79 billion in 2010.

Originally posted at 03:33 pm | Monday, April 16,  2012