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Century Properties H1 earnings rise 91% to P944M

By: - Reporter / @daxinq
/ 08:26 PM August 16, 2012

Century Properties’ six-hectare Azure Urban Resort Residences endorsed by socialite Paris Hilton. Century chief financial officer Jose Carlo R. Antonio says the company generated P5.4 billion in pre-sales in the second quarter of 2012.

Publicly listed Century Properties Group Inc. is spending about P7 billion for its various projects this year, as it reported strong sales and earnings for the first half of the year.

In a recent briefing, company officials said Century Properties’ net income for the first semester of 2012 rose by 91 percent to P944 million from P496 million in the same period last year.

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Century chief financial officer Jose Carlo R. Antonio added that the company—known for its projects endorsed by socialite Paris Hilton and businessman Donald Trump—generated P5.4 billion in pre-sales in the second quarter.

Of this amount, 19, 40 and 41 percent came from the company’s sales in the luxury, middle income and affordable market segments, respectively.

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For the first half, Century’s pre-sales stood at P10.7 billion, or an 18-percent growth from year-ago level. This also represents 54 percent of its P20-billion 2012 pre-sales target.

The company said it had remained “an industry leader in international sales,” with 66 percent of its sales in the first half, or P7.1 billion, coming from the international market.

“Century continues to execute its business plan of developing products that are relevant for today’s marketplace,” he said. “We remain steadfast in our attempt to diversify.”

The company’s total revenue in the first half of 2012 rose by 133 percent to P4.9 billion from P2.1 billion in the same period last year.

In the second quarter of 2012 alone, total revenue stood at P2.5 billion, up 146 percent from year-ago level. Total income in the same period rose by 28 percent to P491 million.

At the end of the first half, Century’s total debt stood at P1.4 billion, representing a total debt-to-equity ratio of 19 percent. Its net debt-to-equity ratio was 10 percent.

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TAGS: Century Properties, Earnings, Philippines, property, Real Estate
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