EARNINGS of Century Properties Group, Inc. (CPG) surged 81% in the nine months to September due to the completion of projects.
In a statement yesterday, CPG said its net income reached P1.2 billion in the January to September period, from P661 million a year ago. The figure also exceeds the P1.1 billion profit recorded for the full year 2018.
Revenues during the nine-month period jumped 36% to P9.8 billion, which the company traced to its diversification efforts of its business segments.
“We are very confident because the plan is materializing and income contributions from our new businesses are growing,” CPG President and Chief Executive Officer Marco R. Antonio was quoted as saying.
The in-city vertical developments of CPG contributed P773 million or 65% of the company’s revenues during the period. Affordable housing added P220 million or 18%, the leasing business accounted for P166 million or 14%, and property management pitched in P35 million or 3%.
The company was able to finish four projects during the nine-month period, and substantial completion of three more projects is expected in the last two months of the year.
“We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy. We are continuously mindful of keeping our balance sheet robust and healthy and making our operations even more efficient,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in the statement.
The developer did not provide third quarter figures. — Denise A. Valdez
