Century Properties earnings soar 81%

MANILA, Philippines — Century Properties Group (CPG) Inc., the property company of the Antonio family, posted a P1.2 billion net income from January to September, up 81 percent year-on-year.

Consolidated revenue rose 36 percent to P7.2 billion year- on-year.

CPG president and chief executive officer Marco Antonio said the company’s move to diversify the business is paying off.

“CPG’s strong nine months performance is the result of management’s strategy to diversify its business segments. We are very confident because the plan is materializing and income contributions from our new businesses are growing,” Antonio said.

From just a high-end property developer, CPG has diversified into allied real estate segments and now offers economic housing.

It reported higher net income streams not only from its in-city vertical developments, but also from its affordable housing and commercial leasing businesses.

Among the different segments, in-city vertical developments accounted for 65 percent at P773 million, while affordable housing accounted for 18 percent at P220 million.

The leasing business accounted for 14 percent at P166 million and property management for three percent at P35 million.

In the last two months, CPG plans to complete its projects in the pipeline such as the Quirino West and East towers at Commonwealth  with 1,015 units, the 41-story Century Diamond Tower office building at Century City Makati with 63,110 square meters of gross floor area and 325 more housing units at PHirst Park Homes Tanza and Lipa.

For its affordable housing segment, the company launched last October the first 900 homes in PHirst Park Homes Pandi, Bulacan, its first project in Central Luzon after Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna. PHirst will launch two more projects with a total of 2,931 units in Laguna and Batangas this year.

The company recently raised P3 billion in fresh funds for its affordable housing projects.

“We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy. We are continuously mindful of keeping our balance sheet robust and healthy and making our operations even more efficient,” said Ponciano Carreon Jr., chief finance officer and head of Investor Relations.