MANILA - Century Properties Group (CPG) said on Tuesday it posted a net income of P562.8 million in the third quarter, 66 percent higher versus the same period last year propelled by strong performances from its affordable housing and leasing segments.
This brought January to September profit to P1.1 billion.
Strong third quarter revenue at P3.7 billion vs P3.8 billion a year ago pulled up year-to-date consolidated revenues to P8.2 billion, which was still down 16 percent from P9.8 billion last year.
CPG Chief Finance Officer Ponciano Carreon Jr. said the company's performance is better than expected driven by good financial management and digitalization initiatives which encouraged client sales.
"CPG is well-positioned to take on the business challenges in this new normal and navigate through this period while we plan for new launches and continue with our business expansion into our high-margin segments," Carreon said.
Affordable housing under PHirst Park Homes and its condominium leasing business improved their combined sales contributions to 66 percent at P723 million from a 38 percent share last year.
CPG said affordable housing unit PHirst Park Homes had already launched 8,251 units covering 97 hectares and sold 6,645 units with a sales value of P10.59 billion.
It will launch its newest 10-hectare project in Magalang, Pampanga this November, offering 500 affordable house and lot units.
CPG also grew leasing assets to 137,000 square meters of floor area after acquiring 40 percent of Mitsubishi Corp’s subsidiary in Century Diamond Tower last August.
For vertical condo developments, CPG is targeting the completion of more than 2,000 condominium units by the second quarter of 2021 -- which includes 500 units of the Residences at Commonwealth in Quezon City, and 1,600 units at the Residences at Azure North in San Fernando, Pampanga.