Posted on May
19, 2013 10:18:51 PM [ BusinessWorld Online ]
REAL ESTATE
developer Century Properties Group, Inc. saw profits grow by a tenth in the
first quarter on higher sales, the company said in a statement over the
weekend.
The company’s net income grew by 10% annually
to P454 million in January-March from the same period a year ago.
In the same
comparative periods, Century Properties’ revenues rose by 5% to P2.6 billion
from P2.5 billion.
Pre-sales,
the company said, stood at P5.8 billion in the three-month period, 10% more
than P5.3 billion the previous year.
The company
attributed the sales growth to Trump Tower at Century City and Acqua Iguazu yoo
inspired by Starck, which are both located in Makati City; as well as to Azure
Urban Resort Residences in Parañaque City and the Residences at Commonwealth
projects in Quezon City.
The statement
quoted Jose Carlo R. Antonio, Century Properties’ chief financial officer, as
saying the company plans to develop more projects across market segments.
“The
continued momentum of our pre-sales is testament to the strength of our brand,
and our company’s capability to deliver as proven by our current projects that
are currently in various stages of completion,” Mr. Antonio said in the
statement. “We have kept up with the industry’s continued upward mobility and
will continue to do so by committing to deliver quality projects in the
affordable, mid-end and luxury segments.”
The company
has earmarked as much as P8.20 billion for capital expenditures this year to
fund ongoing projects. That amount is 13% more than the P7.26 billion that was
actually spent last year.
The company’s
ongoing master-planned communities are: Century City, a 3.4-hectare mixed-use
project in Bel-Air, Makati City that consists of eight condominiums, a shopping
mall, and a medical outpatient facility; Acqua Private Residences, a six-tower
residential development in Mandaluyong City fronting Pasig River; Azure Urban
Resort Residences, a nine-building, six-hectare development featuring a
man-made beach and club designed by socialite Paris Hilton; and Canyon Ranch, a
25-hectare subdivision community within the 77-hectare San Lazaro Leisure Park
in Cavite City.
Shares of
Century Properties gained four centavos or 1.79% to close at P2.28 apiece on
Friday last week from P2.24 each last Thursday. -- Cliff Harvey C. Venzon
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