STRONG revenue growth propelled Century Properties Group Inc’s (CPG) nine-month net income by 81 percent to P1.2 billion
from P661 million in 2018. Consolidated revenues for the period, the listed firm said in a disclosure on Tuesday,
soared by 36 percent to P9.8 billion from P7.2 billion a year ago.
“CPG’s strong 9 months performance is the result of management’s strategy to diversify its business segments,” said Marco
Antonio, Century Properties president, and chief executive officer.
“We are very confident because the plan is materializing and income contributions from our new businesses are growing,” he added.
Incity vertical developments contributed P773 million or 65 percent of the bottom line figures, affordable housings at
P220 million, leasing at P166 million, and property management at P35 million.
In the first nine months, CPG completed Roxas West tower, Starck tower, Bahamas tower, and PHirst Park Homes Tanza.
Last October, its affordable housing segment, PHirst Park, launched the first 900 homes in Bulacan. Two more projects with
2,931 units are going to be launched in Laguna and Batangas before the year ends.
CPG raised P3 billion from its bond offering to finance more affordable housing projects.
“We expect to sustain the company’s strong performance in the coming months, which will be supported by our upcoming
project completions and the pipeline that is aligned with our diversification strategy,” Century Properties Chief Finance Officer
Ponciano Carreon Jr. said. The firm’s shares added 1 centavo or 1.67 percent to close at 61 centavos each on Tuesday. TYRONE C. PIAD