Century Properties net income jumps 16%

CENTURY Properties Group, Inc.’s attributable net income for the first quarter rose by 16.4% to P174.02 million from P149.52 million in the previous year on the back of its business segments’ performance, the company said on Monday.

“The sustained good performance of our first-home market business segment reflects well the strong market appetite for quality, strategically located, and affordable homes, which serves not only every Filipino’s aspiration but also helps address the big housing backlog that our government is also prioritizing,” Century Properties Executive Chairman Jose E.B. Antonio said in a statement.

In the company’s financial statement, its consolidated revenues for the three-month period went up by 28% to P3.34 billion from the P2.61 billion reported in the same period last year.

Real estate sales increased by 26.8% to P2.89 billion from P2.28 billion previously.

Century Properties’ first-home residential development led by PHirst Park Homes, Inc. contributed P1.6 billion or 48% to total revenues during the first quarter.

Revenues from its commercial leasing segment grew by 44.9% to P312.43 million from P215.62 million. Total cost and expenses reached P1.88 billion, up 25.3% from P1.50 billion reported in the same period last year.

The company said earlier that through its new subsidiary Century PHirst Corp., it had entered into the affordable housing market with projects in Laguna, Batangas, and Bataan provinces.

“As we roll out more projects and new product lines North and South of [the National Capital Region], we will continue to take opportunities to go on a nationwide scale which will be our ultimate goal to further accelerate growth,” Century Properties President and Chief Executive Officer Jose Marco R. Antonio said.

Century Properties shares closed unchanged at P0.35 apiece on Monday. — Adrian H. Halili