Century Properties net income up 90 percent in first half of the year


Real estate firm Century Properties posted P944 million in net income for the first half of 2012, up 90 percent from P496 million last year.

In a press release Wednesday, Century Properties added its revenues surged 133 percent to P4.9 billion from P2.1 billion last year.

Quarter-on-quarter, income for the second quarter rose 28 percent to P491 million while revenues surged 146 percent to P2.5 billion.

"For the second quarter of 2012, we generated P5.4 billion in pre-sales, of which 19 percent, 40 percent and 41 percent came from the luxury, middle income and affordable markets, respectively," chief financial officer Jose Carlo Antonio noted.

The property firm - which invests in high-end residential projects - saw its first half pre-sales jump 18 percent to P10.7 billion, already half of the projected P20 billion for the year 2012.

As for its sales from the international market, Century generated P7.1 billion, up 66 percent for the first semester.

Century's total debt is pegged at P4 billion, or a total debt to equity of 19 percent. Its net debt to equity ratio is at 10 percent.

Century Properties has completed 20 condominium buildings with 4,128 units as of 2011, the property firm said.

Source: GMA News Online | August 15, 2012


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