Century Properties quadruples 1Q profit
MANILA, Philippines - Century Properties Group Inc. said its net income more than quadrupled in the first quarter of the year on higher real estate sales.
In a statement, Century said its net profit surged 310 percent to P453.50 million in the first three months of the year from P110.50 million in the same period last year.
Total revenues more than doubled to P2.48 billion from P1.12 billion in 2011.
"There continues to be a strong demand for residential property in the Philippines. We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units," said Jose Carlo Antonio, Century chief financial officer.
Pre-sales in the January to March period stood at P5.3 billion consisting of 812 units, allowing Century to remain on track to hit its P20 billion pre-sales target for the year.
Antonio noted that the company has achieved one of the highest growth rates among property developers, benefiting from the low interest rate environment, expanding population, tamed inflation rates, and a rise in the middle class
Century continues to develop luxury projects including the Trump Tower Manila and Milano Residences in Century City in Makati, but has expanded its reach to the middle-income market through Acqua Residences in Mandaluyong City.
Acqua Residences has fully sold three out of its six buildings and is pre-selling the fourth building, the Livingstone Residences.
Azure Urban Residences in Paranaque City, Century's first project under the affordable line, has fully sold five out of its nine buildings.
Next month, Century will launch its P4-billion project in Commonwealth Avenue in Quezon City, catering to the affordable segment of the market.
The real estate company is also set to turn over units at Gramercy Residences by end 2012, while construction of the Century City Mall is ongoing and is targeted for completion by 2013.
Source: Interaksyon | May 14, 2012
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