Century Properties to distribute P200M in dividends in July

CENTURY Properties Group, Inc. (CPG) has allocated a total of P200 million in dividends to be distributed to its shareholders by July 6.
In a disclosure to the stock exchange on Friday, CPG said it will be handing out P64.99 million in regular cash dividends to stockholders of record as of June 26. This is equivalent to a dividend of 0.56 centavos per share.
The other P135.01 million are in the form of special cash dividends to be given to stockholders of record as of June 26. This translates to a dividend of 1.16 centavos per share.
The dividends will be taken from CPG’s unrestricted retained earnings as of the end of 2017.
CPG’s net income went down by 11% to P649.9 million last year, while revenues gained 7.66% to P6.04 billion.
During the first quarter of 2018, CPG booked P270.43 million in net income attributable to equity holders of the parent, 7.8% lower than the P293.45 million it generated in the same period a year before. This came amid a 45% jump in revenues to P2.86 billion for the period.
The Antonio-led property developer said this drop in earnings is due to its diversification into the affordable housing market. CPG ventured into the segment in 2017, looking to take advantage of the need for more housing projects given the estimated 6-million backlog in the country.
CPG’s first project for the sector is the PHirst Park Homes Tanza in Tanza, Cavite, a 26-hectare project offering 3,000 units priced from P1-3 million each. The company partnered with Japan’s Mitsubishi Corp. for the development.
The company is furthering its partnership with Mitsubishi through the incorporation of Phirst Park Homes, Inc. The 60-40 joint venture between the two firms will have an authorized capital stock of P5 billion, and is currently awaiting clearance from the Philippine Competition Commission.
Under the new JV firm, CPG and Mitsubishi will develop affordable housing projects that are expected to generate P57 billion in sales over the next five years.
Shares in CPG rose 2.22% or one centavo to close at 46 centavos each at the Philippine Stock Exchange on Friday. — Arra B. Francia