Century Properties posts flat H1 profit

ABS-CBN News

Posted at Aug 18 2014 05:00 PM | Updated as of Aug 19 2014 01:00 AM

MANILA, Philippines - Century Properties Group, Inc. said its net income was flat at P1.06 billion in the first six months of 2014.

In a statement, Century Properties said its revenues jumped 6 percent to P5.62 billion in the January to June period, driven by real estate sales.

Real estate sales went up 4 percent to P4.75 billion in the first half, while interest and other income increased 18 percent to P682.5 million.

Century said it expects to complete 31 residential buildings from its listing in 2012 to 2019.

By 2019, Century said it will complete five commercial buildings for office and a condotel totaling over 100,000 square meters.

"Since our near-term focus is on diversifying the business, we characterize the next few years as our building phase. We are working on building a commercial leasing portfolio that will help position us to pursue consistent, profitable long-term growth," Kristina Garcia, Director for Investor Relations, said.