Developer CPG posts 36% higher profit in Q1

CENTURY PROPERTIES GROUP, INC.

CENTURY Properties Group, Inc. (CPG) saw its earnings grow by 36% in the first quarter, on higher real estate sales and leasing revenues.

In a regulatory filing Friday, the Antonio-led property developer reported its net income attributable to equity holders of the parent company stood at P367.8 million in the January to March period.

Revenues went up 2.3% to P2.773 billion year on year.

Broken down, real estate revenues grew by 4.44% to P2.447 billion during the first quarter, “coming from the company’s affordable housing business and the additional substantial progress in construction and sales take up of its on-going in-city vertical developments.”

Leasing revenues also increased by 29.52% to P108.85 million due to the revenues generated from the start of operations of its new Asian Century Center, a 21-storey office building in Bonifacio Global City, Taguig.

“We continue to improve on our operational efficiencies while implementing the company’s expansion programs. The goal is to grow CPG’s new allied real estate businesses to have a diversified net income mix with more sustainable cash flow and recurring income. The company’s hard work has started showing positive results that will drive its growth in the medium to long term,” Ponciano S. Carreon, Jr., chief finance officer and head for investor relations of CPG, said in a statement.

The company announced that its affordable housing brand PHirst Park Homes sold more than 3,000 housing units with value at about P4.4 billion from three projects as of end of April this year. — V.M.P.Galang