Housing business boosts CPG’s Q3 earnings to P450 million
CENTURY PROPERTIES GROUP, Inc. (CPG) on Monday reported a 34.5% increase in its third-quarter (Q3) attributable net income to P450.47 million from P334.87 million a year earlier, boosted by its housing development business.
“The economic recovery of the country and growing demand of Filipinos for quality and affordable first homes translated into a strong sales take-up for PHirst, CPG’s first-home platform and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds,” Ponciano S. Carreon, Jr., chief finance officer of CPG, said in a statement.
Consolidated revenues for the three-month period contracted to P2.92 billion, 12% lower than the P3.32 billion in the same period last year.
Lower combined costs and expenses for the period managed to offset the decline in the company’s gross revenue, the company said.
For the third quarter, CPG’s combined expenses fell by 21.5% to P2.16 billion from the P2.75 billion previously.
Higher revenues for the nine-month period boosted CPG’s attributable net income to P843.31 million, an 8.5% climb from the P777.26 million last year.
Total revenues for the January to September period jumped to P9.66 billion, 10.4% higher than the P8.75 billion year on year.
The company attributed its revenue rise to the steady growth contributions of PHirst Park Homes, the first-home brand of PHirst Park Homes, Inc.
PHirst Park Homes is a partnership between Century Properties and Mitsubishi Corp.
Its First-Home segment accounted for 55% of CPG’s combined revenues, totaling P5.3 billion. Its In-City Vertical Developments accounted for a 30% share at P2.9 billion, commercial leasing segments contributed 10% or P1 billion, while the remainder came from its property management segment at P376 million.
“As we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector driven by the unmet housing backlog in our nation,” said Marco R. Antonio, president and chief executive officer of CPG.
At the stock exchange, shares in the company closed unchanged at 31 centavos each. — Ashley Erika O. Jose
