By James A. Loyola
Century Properties Group, Inc. saw its profits jump 55 percent to P760 million in the first half of 2019 from the P490 million earned in the same period last year as consolidated revenues grew 26 percent to P5.4 billion.
“This remarkable increase in our first half performance further affirms that we are on track with our business plans,” said CPG Chief Finance Officer Ponciano S. Carreon Jr.
He added that, “we expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line even as our existing in-city projects still significantly provide a stable revenue stream.”
Carreon noted that, “our affordable housing business now accounts for 12 percent of our revenue and is expected to further ramp up as more homes will be completed in the third and fourth quarters.”
Under in-city developments, the company has completed one more tower this year with two more to follow by the fourth quarter of 2019.
CPG’s affordable housing firm PHirst Park Homes, Inc., a joint-venture company with Mitsubishi Corporation, will launch two to three more additional projects this year in north and south Luzon.
Under its recurring income portfolio, CPG is scheduled to complete this year the Century Diamond Tower office building with a gross floor area (GFA) of 63,110 square meters which will further add to its leasing assets target of 300,000 square meters of GFA and P2 billion in revenues by 2020.
“We expect that the encouraging performance of our core businesses coupled with cost reduction measures and improvement in our operating efficiencies will help sustain our double-digit net income growth for the next three to four years,” Carreon said.