Posted on November 17, 2013 08:52:28
PM [ BusinessWorld Online ]
LISTED upscale property developers
Century Properties Group, Inc. and Rockwell Land Corp. saw profits rise at
double-digit pace last quarter on higher real estate sales, according to latest
financial reports they disclosed late last week.
Century Properties’ net income rose 13.38% to P529.6 million in the
July-September period from P467.1 million the past year, according to unaudited
financial statements in its report. Revenues jumped 19.40% to P2.40 billion
from P2.01 billion, driven mainly by real estate sales as well as interest
income. Cost of sales and services climbed 16.47% to P1.98 billion from P1.70
billion.
Third-quarter performance brought
profit to P1.59 billion as of September, up 12.77% from P1.41 billion in the
same nine months last year. Revenues increased 11.91% to P8.08 billion from
P7.22 billion, while cost of sales and services went up 8.04% to P5.78 billion
from P5.35 billion.
Pre-sales as of end-September reached
P18.1 billion, placing the company “on track to hitting its full-year target of
P24 billion, compared to its 2012 full-year sales… of P21.4 billion,” Century
Properties said in a separate statement over the weekend.
Meanwhile, Lopez-led Rockwell Land
grew net income by 40.71% to P367.4 million last quarter from P261.1 million in
the same period year, according to unaudited financial statements in its
report. Revenues jumped 50.70% to P2.14 billion from P1.42 billion, while costs
and expenses surged 51.83% to P1.62 billion from P1.06 billion.
This brought net income to P1.62
billion as of September, up by 52.83% from P1.06 billion in the same nine
months last year on higher revenues. Revenues jumped 34.84% to P5.38 billion
from P3.99 billion, while expenses rose 34.54% to P4.09 billion from P3.04
billion.
In its financial report, the company
said: “83% of the revenues came from the sale of condominium units, including
accretion of interest income.”
Last Friday saw shares of Century
Properties gaining two centavos or 1.09% to close P1.85 apiece and those of
Rockwell Land also adding two centavos or 1.11% to P1.82 each. -- Cliff Harvey
C. Venzon
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