Century Properties says H1 net income drops 'within expectations' due to pandemic

ABS-CBN News

Posted at Aug 11 2020 01:41 PM

MANILA - Century Properties Group Inc said Tuesday net income and net revenues fell in the first half but within expectations given the coronavirus pandemic and resulting lockdowns.

Revenues dropped 25 percent while net income was down 29 percent for the period, the company said in a statement.

“Despite the dip in the revenues and net income for the first half of 2020 of about 25 percent and 29 percent, respectively, the trajectories are well within management’s expectations in view of the present market and business conditions amidst the prevailing pandemic and quarantine restrictions,” said Century Properties CFO and investor relations head Ponciano S. Carreon, Jr.

Meanwhile, its affordable housing and leasing businesses contributed 42 percent or P225 million to the net income for the period, Century Properties said.

Century Properties added it was prepared for a potential slowdown due to the pandemic and that it had put in place mitigating measures to build robust liquidity levels and strong balance sheet.

“We continue to improve our operating efficiencies and implement innovative approaches to mitigate risks, sustain operations, and maintain business resilience while we ensure the safety of our employees and stakeholders and contribute to the nation’s fight against COVID-19,” Carreon said.
 
The company continued to develop and invest in its digital selling and contactless transaction systems to reach consumers, it said.