Century Properties Group income grows 81% in 9 months
PROPERTY developer Century Properties Group (CPG) Inc. grew 81 percent to P1.2 billion, from last year’s P661 million as its diversification strategy to go into other developments started bearing fruit.
Consolidated revenues rose to 36 percent to P9.8 billion, from P7.2 billion year on year.
“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,” CPG President and CEO Marco R. Antonio said.
The company reported higher net income streams not only from its in-city vertical developments but also from its affordable housing and commercial leasing businesses.
The in-city vertical developments accounted for 65 percent at P773 million, affordable housing for 18 percent at P220 million, leasing for 14 percent at P166 million and property management for 3 percent at P35 million.
For the first nine months of 2019, the company completed Roxas West Tower with 500 units at the Residences at Commonwealth in Quezon City; the Iguazu YOO inspired by Starck tower with 492 units at Acqua Private Residences; the Bahamas tower with 846 units at Azure Urban Resort Residences in Parañaque City, fully completing the nine-tower man-made beach development; and PHirst Park Homes Tanza, Cavite, with 517 housing units.
In the last two months of the year, CPG will substantially complete 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.
“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,” Ponciano S. Carreon Jr., the company’s CFO, said.
Source : https://businessmirror.com.ph/2019/11/13/century-properties-group-income-grows-81-in-9-months/
Tags: Century Properties Group
