Century Properties net income up 13%

MANILA, Philippines - Growing sales of residential units allowed listed Century Properties Group Inc. to continue its growth trajectory in the third quarter.

Net income attributable to equity holders of the parent firm rose 13 percent to P529.6 million in the third quarter from P467.1 million a year ago. Revenues, derived from real estate sales, property management and interest income, jumped 22 percent to P2.79 billion from P2.28 billion.

“We believe that Century Properties had another solid quarter of operating and financial results,” said Century Properties chief financial officer Jose Carlo Antonio.

“With the turnover of the Gramercy Residences at Century City, two Azure Urban Resort Residences buildings, and the near completion of the Paris Beach Club in Azure, we are now in a position to redeploy capital into a variety of commercial real estate projects, which we believe will provide attractive returns,” Antonio said.

Given the latest data, Century Properties’ January to September attribute able earnings climbed 12 percent to P1.58 billion from P1.41 billion.

Consolidated revenues hit P8.08 billion, also up 12 percent from P7.22 billion a year ago. Real estate sales improved seven percent to P6.97 billion from P6.54 billion.

As of end-Sept., pre-sales reached P18.1 billion, keeping the company on track to hitting its full year target of P24 billion from P21.4 billion in 2012. Unbooked sales stood at P29.6 billion as of end-Sept.

“Century Properties remains confident about its growth prospects, given the continued strength of its pre-sales, as well as its diversification into investment properties, specifically retail and office,” the company said.

The property firm targets to grow its recurring income with the opening of the P1-billion Century City Mall by the end of the year, as well as the construction of new office towers in Fort Bonifacio and Makati. Century Properties is also building the 28-story Centuria Medical Makati.

In September, Century Properties announced that it will build Forbes Media Tower, the world’s first Forbes-branded office tower in its Century City flagship project in Makati.

With 27 years in the business of real estate development, marketing and property management, Century Properties has transformed 744,576 square meters of space into premier residential and office developments in and outside Metro Manila.