CENTURY Properties Group, Inc. (CPG) reported a P409.53-million attributable net income for the first quarter (Q1), more than double the P174.02 million a year ago, on strong growth from its development platforms.
“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first-quarter performance. Sales take-up of our PHirst home products remains strong, and we see this further improving for the rest of the year,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a stock exchange disclosure on Thursday.
Revenues for the first quarter rose to P3.58 billion, 7.2% higher than the P3.34 billion in the same period last year; while its combined expenses grew to P2.85 billion from P2.77 billion, the company’s financial report showed.
CPG said its higher revenues for the period were driven by the contribution of its first-home residential development platform or PHirst, which accounted for the majority of its revenues or 58% at P2.1 billion.
The company’s In-City Vertical Developments accounted for 34% of its revenues at P1.1 billion; while its commercial leasing segments contributed 9% or P314 million, and the remainder were from the property management segment.
“Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance,” said CPG President and Chief Executive Officer Marco R. Antonio.
At the local bourse on Thursday, shares in the company closed 1.72% higher at 30 centavos each. — Ashley Erika O. Jose
