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Century Properties aims to double profits in 2012

Posted on April 16, 2012 10:02:03 PM [ BusinessWorld Online ]

UPSCALE DEVELOPER Century Properties Group, Inc. aims to double profits this year as it looks to book higher revenues from completed and ongoing projects, an official yesterday said.

“For 2012, we are targeting at least a 100% increase in net income from our P866-million mark last year. Due to our significant booked revenues to date, we have near-term visibility on our earnings target,” Jose Carlo R. Antonio, Century Properties chief financial officer, said in a press briefing in Makati City yesterday.

This would mean attaining a full-year net income of at least P1.73 billion against a 2011 income which was already four times higher than the P180 million figure booked in 2010.

For the first quarter alone, Century Properties pre-sold 812 units with a total value of P5.3 billion, which is definitely “higher” than year-ago levels, Mr. Antonio said without citing specific figures.

“Century Properties is on track to achieve its P20-billion pre-sales target for the full year 2012. We remain upbeat about the Philippine economy and property sector, and our first quarter results strengthen our resolve to deliver differentiated projects across multiple price points,” Mr. Antonio explained.

This year, the company expects to start booking revenues from the Gramercy Residences condominium which is under construction, as well as from a mall project in Century City, a master planned development located in Makati City.

Revenues in 2011, composed of real estate sales, property management fees, and interest, climbed by 53.09% to P4.70 billion from P3.07 billion, year on year.

“Century Properties believes it was able to attain this growth in large part due to its efforts to sell to Filipinos living overseas, as well as foreign nationals. In 2011, approximately 67% (in terms of value) of Century Properties’ pre-sales came from international markets,” the company said in a separate statement released yesterday.

Meanwhile, company costs and expenses expanded by 23.66% to P3.45 billion in 2011.

Century Properties had already completed 4,128 units in 20 condominium buildings, all with a total gross floor area of 548,262 square meters.

It has a present land bank of 1.97 million square meters in Quezon City and Nasugbu, Batangas for mixed-use and tourism projects, respectively.

“These projects continue Century Properties’ strategic shift from developing single building projects to master planned communities,” the company said, adding that these projects’ master planning were already underway.

Century Properties, established in 1986 listed over 40 projects in its total portfolio as of last year.

It debuted on the Philippine Stock Exchange last September via a backdoor listing, replacing energy firm East Asia Power Resources Corp.

Century Properties shares shed 0.63% to close at P1.59 yesterday. -- Franz Jonathan G. de la Fuente
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