Century Properties Reports Higher 10-Month Net Income
NEWLY-LISTED real estate developer Century Properties Group, Inc. hiked its net income by nearly four times for the 10-month period last year versus year-ago levels due to a surge in total company revenues, a filing with the Philippine Stock Exchange (PSE) showed yesterday.
The company, which was listed on the local bourse in the fourth quarter last year, increased its net income - attributable to the company's equity holders - to P779.65 million in the January to October period last year, 399% higher than the P156.66 million booked by the end of October 2010.
The surge was fueled by significant growth in real estate sales, which rose by 86.13% to P3.22 billion, as well as in interest and other income, which increased more than six times to P637 million, Century Properties' latest financial statement showed.
The company's total revenues nearly doubled to P4.02 billion from P2.09 billion year-on-year, while costs and expenses grew by 59.67% to P2.89 billion from P1.81 billion two years ago.
Century Properties is a high-rise developer with more than 40 projects in its total portfolio as of last year, having already completed a total of over 22 buildings and 720 homes.
At present, Century Properties is developing four projects: Century City in Makati City, Azure Urban Resort Residences in Paranaque City, Acqua Private Residences in Mandaluyong City, and Canyon Ranch in Cavite.
The company was listed on the PSE by way of backdoor listing - also known as a "reverse merger" - via dormant energy firm East Asia Power Resources Corp. last November. Its equity framework was later restructured to reflect its new business.
Last year, Century Properties was deemed the country's fastest-growing developer, with high-profile celebrity endorsements contributing to the company's market share growth, according to a study by property consultancy Colliers International.
The company is one of 41 publicly-listed firms who failed to meet the PSE's minimum public float requirement of 10% on Nov. 30 last year.
Century Properties currently has a public float of 6.4%, PSE data showed.
Earlier, the board of directors of Century Properties approved the creation of a cash dividend policy amounting approximately to 10% of the company's consolidated net income from the previous fiscal year, subject to pertinent regulations.
Source: BusinessWorld | January 30, 2012
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