Published on 12 November 2012 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR REPORTER
Century Properties Group Inc. posted a
high income growth during the first nine months of 2012, earning P1.4 billion
or a 95-percent improvement from the P723 million the company earned in the
same period in 2011.
Marco Antonio, Century Properties
co-chief operating officer and managing director, said in a briefing that the
growth in the company’s earnings was largely driven by its strong sales performance
in its property developments.
Also, Century Properties’ total
revenue for the first nine months increased to P7.2 billion from P3.5 billion
in the same period in 2011, while for the third quarter of 2012 alone, total
revenues and total income stood at P2.3 billion and P467 million respectively.
For the third quarter of 2012, Century
Properties generated P5.6 billion in pre-sales, of which 19 percent, 24 percent
and 58 percent came from the luxury, middle income and affordable markets,
respectively.
“The large take up of the affordable
segment came from the launch of its latest project in Quezon City, called The
Residences at Commonwealth as it launched three towers with a sales value of
P2.8 billion during the third quarter 2012,” the company said.
Marco Antonio also said that Century
Properties is also solidifying its presence in other countries in Asia and
Europe.
“We continue to open offices in other
countries in Asia and in Europe,” he said.
Jose Carlo Antonio, chief financial
officer of Century Properties, said that they might tap loans for their capital
spending for 2013 amid the lower interest rates.
“We plan to increase our borrowings to
accelerate growth,” he said.
“We have P5.9 billion in our capex
[capital expenditures] for the first nine months of 2012, I believe that’s more
than double than our [level for] 2011, and for 2013, we haven’t predicted yet
our capital spending,” Marco Antonio noted. In the previous week, the company
launched its P1.7-billion development called the Residences at Acqua Iguazu.
“We continue to establish
international collaborations because the local market has shown its readiness
for branded real estate,” the older Antonio said.
The development is the fifth of six
buildings to rise within the developer’s 2.4-hectare Mandaluyong City project
called Acqua Private Residences.
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