MANILA - The Century Properties Group (CPG) increased its revenues by 45% to P7.5 billion for the first nine months of the year, compared to P5.1 billion in the same period in 2017.
CPG also posted a net income of P661 million in the same period, a 23% increase from the P529 million in the first nine months of 2017. The company's full-year net income in 2017 was P650 million.
“Our numbers are very encouraging and a good indication that our company’s investments and initiatives to diversify and grow other revenue streams are starting to gain traction. We expect a higher growth in the fourth quarter as we continue to recognize revenue from the substantial completion of our in-city developments and affordable housing projects," said Ponciano S. Carreon, Jr., CPG’s chief finance officer and head of investor relations.
"A steady shift to our allied segments of affordable housing, leisure and tourism, and investment properties, in addition to the core real estate sales and income from property management, will continue to support CPG’s solid earnings recovery,” he added.
The company is set to launch 15 "affordable" housing projects with 33,000 units in the next five years. These projects are under Phirst Park Homes, CPG’s new brand for first-home buyers. These housing projects are in partnership with Mitsubishi Corp., one of Japan’s largest conglomerates.
Since becoming a publicly listed company in 2012, Century Properties has completed 23 out of its planned 32 residential condominium buildings. All buildings are expected to be completed by 2020.
Century Properties was established in 1986 by Jose E.B. Antonio, a special envoy to the US of President Duterte.