Century Properties income up 74% on investment gains

PROFITS of Century Properties Group, Inc. (CPG) surged 74% to P571.48 million in the third quarter due to gains from investment properties and non-recurring losses that were recorded the prior year.

In a regulatory filing on Tuesday, the Antonio-led property developer said its revenues in the three-month period were flat at P3.71 billion, dipping 0.9% from P3.75 billion a year ago.

However, it booked a P398.81-million gain, erased last year’s P43-million foreign exchange loss, and trimmed interest and financing charges by 38% to lift its bottomline.

Compared with the previous quarter, CPG’s P3.71-billion third-quarter revenues grew more than double from P1.7 billion, supported mainly by real estate sales and leasing revenues.

On a nine-month basis, CPG’s attributable net income stood at P1.03 billion, down 2% from the same period last year. Revenues were likewise 16% lower at P8.23 billion.

The company said its earnings were “better than expected” despite falling from year-ago levels. Its high-margin businesses improved 35% year-on-year to record combined contributions of P1.99 billion, making up 25% of total revenues.

“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,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a statement.

The company is continuously widening its portfolio with a plan to launch a new 10-hectare affordable housing project in Pampanga this month.

It also recently expanded its office leasing business to a gross leasable area of 137,000 square meters, after it bought the 40% share of its joint venture partner in the Century Diamond Tower in Makati City.

It likewise plans to complete more than 2,000 condominium units by mid-2021, accounting for projects in Quezon City and San Fernando, Pampanga.

Shares in CPG closed at 38 centavos each on Tuesday, up by 1.5 centavos or 4.11% from the last session. — Denise A. Valdez