Century Properties said it recorded a surge in its January to March net income to P453.50 million from P110.50 million in the same period last year as total revenues were more than doubled to P2.48 billion versus P1.12 billion.
“There continues to be a strong demand for residential property in the Philippines. We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units,” Jose Carlo R. Antonio, Century Properties chief financial officer, said in the statement.
Low interest rates, slower inflation, and a growing middle-class population has buoyed the company to make it one of the fastest-growing developers in the real estate sector, Mr. Antonio added.
The company’s latest financial statement, however, was not immediately made available yesterday.
Moving forward, the company is confident that its existing land bank of 1.97 million square meters — reserved for planned mixed-use and tourism projects — will be able to sustain growth in the next five years.
Next month, Century Properties will launch a P4-billion medium-rise project in Quezon City near Commonwealth Avenue.
For the full year, Century Properties expects to double its bottom line versus 2011 levels as it looks to book higher revenues from completed and ongoing projects, translating into a likely 2012 income of at least P1.73 billion.
This year, the company is expected to start booking revenues from the ongoing Gramercy Residences condominium, as well as from a retail mall project in Century City, a master planned development located in Makati City.
Century Properties, established in 1986, is a high-end developer with over 40 projects in its portfolio as of last year.
It debuted on the local bourse late last year by way of a backdoor listing, replacing East Asia Power Resources Corp.
Century Properties shares were traded unchanged at P1.50 apiece.