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Century Properties profit grows to P1.86B

Posted on April 07, 2013 10:34:07 PM [ BusinessWorld Online ]

REAL ESTATE DEVELOPER Century Properties Group, Inc. saw its net income more than double to P1.86 billion last year, fueled by “record” sales of property projects, the company said in a statement on Friday last week, adding that it expects growth to remain strong in the next two years.

“Property developer and publicly listed firm Century Properties posted a breakout year in 2012 on back of record sales performance of its master-planned community developments in Metro Manila and the successful implementation of an initial three-year growth plan from 2010 to 2012 that catapulted the Century (Properties) brand into becoming a formidable player in the property industry,” the statement read.

According to the statement, Century Properties posted an unaudited net income of P1.86 billion, up 114% from P866 million -- meeting its goal of a 100% profit growth set in April last year -- while total revenues expanded by 104% to P9.6 billion from P4.7 billion.

Pre-sales rose by 16.6% to P21.4 billion from P18.4 billion, surpassing the company’s P20-billion target for 2012 on the back of demand from foreign-based customers, who accounted for 74% of last year’s total.

SUSTAINED
“The 2012 financial results reflect the culmination of Century Properties’ sustained performance over the last three years, and we are very happy to share this success with our shareholders. We look at 2012 as a remarkable breakout year for Century Properties with a solid platform that will enable us to take the company to an even higher level,” the statement quoted Jose E.B. Antonio, Century Properties chairman, president and chief executive officer, as saying.

Century Properties now aims to grow its net income to P3 billion, and its pre-sales to P30 billion by 2015 -- the firm’s 30th year -- on the back of more projects in key growth cities outside Metro Manila and the allocation of 100,000 square meters of land for commercial development.

“We want to increase our recurring income to become a substantial part of our net income annually,” Mr. Antonio told reporters in a briefing at Pacific Star Building in Makati City last Friday.

This year, the company is scheduled to finish six buildings with a total area of 375,093 square meters (sq. m.), he said in the statement but without elaborating.

TARGETING TOURISM
Century Properties added that it aims to further grow its portfolio and enter the tourism industry through the development and management of hotels.

“We are going to hotels -- both own-brand and partnership brands -- and management and development. We’re in discussions with various parties and announcements may be done next year,” Mr. Antonio said in the briefing.

“We are very optimistic that this (tourism) is the next sunshine industry in the Philippines. This is what the country needs so growth will be felt by everyone.”

In February last year, Century Properties said it will develop via joint venture with Group Developers, Inc., Caylaway Development Corp. and Batulao Bio-loop Farms, Inc. a 142-hectare prime lot in Nasugbu, Batangas into a leisure-and-resort community estate, but no details have been firmed up so far.

Century Properties debuted on the stock exchange in September 2011 by way of back-door listing, replacing dormant energy firm East Asia Power Resources Corp.

As of end-2012, the developer had already completed 5,560 residential units across 21 condominium buildings in Mandaluyong, Makati, Pasig, Quezon, and Taguig cities -- all in Metro Manila -- with a total gross floor area of 669,857 sq. m., in addition to the management of 51 residential and commercial properties.

This portfolio is expected to grow upon the completion of four master-planned communities in Metro Manila and Cavite that will add a combined estimated gross floor area of 1.19 million sq. m.

Shares of Century Properties gained three centavos or 1.45% to close at P2.10 apiece on Friday last week from P2.07 each last Thursday. -- Franz Jonathan G. de la Fuente
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