CENTURY Properties Group, Inc. (CPG) posted a 32.2% growth in net earnings for 2019, driven by higher contributions from its affordable housing and commercial leasing segments.
In a statement Monday, the listed property developer said its net income last year stood at P1.48 billion, rising from the P1.12 billion it recorded a year ago.
Its consolidated revenues jumped 34% to P14.32 billion, which it attributed to bigger contributions from its horizontal affordable housing and leasing segments.
CPG has not disclosed its 2019 annual report yet, but it said net income contributions from horizontal affordable housing grew to 25% from 17% the year prior, and contributions from leasing expanded to 19% from 5% in the same comparable period.
This is part of the company’s medium term plan of focusing on expanding the two business segments, “to achieve a healthy balance of revenue mix with its vertical developments business.”
CPG completed 866 affordable house and lot units in Cavite and Pampanga in 2019. It also maintains commercial leasing properties in Bonifacio Global City and Makati City.
Contributions from the residential condominium segment is at 55% last year from 76% in 2018. The balance are contributions from CPG’s property management business.
“With CPG’s new business lines affordable housing and commercial leasing taking up 44% of the net income, our company’s financial results for 2019 show that we have kept on track with our strategic business expansion,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. was quoted in the statement as saying.
“With the success of our company’s diversification strategy, CPG is now in a much better position to sustain growth and take on emerging market opportunities and challenges, and continue improving its operational efficiencies while exercising business prudence and maintaining a healthy balance sheet,” he added.
Shares in CPG at the stock exchange slipped 1.43% to 35 centavos each on Monday.
Meanwhile, Filinvest Land, Inc. (FLI) said its earnings grew 7% to P6.28 billion last year due to double-digit increases in its rental and residential segments.
The real estate arm of Gotianun-led Filinvest Development Corp. posted a 16% growth in consolidated revenues to P25.67 billion. This was lifted by a 25% increase in rental revenues to P7.01 billion and an 18% rise in residential revenues to P17.01 billion.
FLI also announced deferring some of its 2020 projects to next year due to the ongoing pandemic, resulting in a reduced capital expenditure budget of P16 billion this year. This will be allocated to new residential projects, additional office buildings, an innovation park and township developments.
Shares in FLI at the stock exchange closed flat at 91 centavos each on Monday. — Denise A. Valdez
