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.