MANILA – Century Properties Group Inc registered a double-digit growth in earnings in the third quarter on higher residential sales.
In a regulatory filing, the property company of former ambassador Jose EB Antonio booked a net income of P529.6 million in the July to September period, 13 percent higher than the P529.6 million in the same three months of last year.
Century Properties' nine-month tally rose 12 percent to P1.6 billion from the P1.4 billion in the same period last year.
Higher real estate sales lifted consolidated revenues by 22 percent to P2.79 billion in the third quarter from P2.29 billion a year ago. This pushed the nine-month total to P8.1 billion, an improvement of 12 percent from P7.22 billion in 2012.
Century Properties is on course to hit its pre-sales target of P24 billion for the entire 2013 after the nine-month total reached P18.1 billion. Unbooked sales stood at P29.6 billion at end-September.
“We believe that Century Properties had another solid quarter of operating and financial results. With the turnover of the Gramercy Residences at Century City, two Azure Urban Resort Residences buildings, and the near completion of the Paris Beach Club in Azure, we are now in a position to redeploy capital into a variety of commercial real estate projects, which we believe will provide attractive returns,” said Jose Carlo R. Antonio, the company's chief financial officer.
As an initial foray into retail, Century Properties will soon complete Century City Mall in its mixed-use project in Makati City. In August, the company broke ground on a 3,000 square meter lot in a prime area of Bonifacio Global City for an office building.
The real estate firm also topped off Centuria Medical Makati, a medical facility in partnership with GE Healthcare that will house doctors’ clinics and modern outpatient care facilities and will offer professional care in a hotel-like environment.
In September, Century Properties and Forbes Media announced that they will build the world’s first Forbes-branded commercial office building in Makati City.
The property firm also inked a deal with the group of Japanese gaming tycoon Kazuo Okada for the development of luxury residential and high-end retail projects on a five-hectare lot within the latter's 44-hectare Manila Bay Resorts in Entertainment City. Closing of the transaction is subject to the fulfillment of condition precedents.
Century Properties is gearing up for the next stage of growth with pre-sales expected to hit P30 billion and profit seen to reach P3 billion by 2015, the company's 30th year in the business.
The financial projections represent a compounded annual growth rate (CAGR) of 15 percent over the three-year period.
source: interaksyon.com
