Century Properties 9-month net income up 23%

Century Properties Group posted a net income of P661 million in the first nine months of 2018, up 23 percent from P539 million a year earlier on the back of diversification and expansion initiatives.

In a regulatory filing submitted by chief compliance officer Isabelita Sales, the property developer said it “continues to make significant headway in its expansion and diversification plans.”

“The company’s thrust to diversify to other allied segments of real estate have started to change the company’s revenue profile, as its affordable housing business now contributes 10 percent of CPG’s gross revenues while the aggregate contribution of leasing and property management is about 8 percent,” the company said.

Revenue for the period grew by 45 percent to P7.5 billion from P5.1 billion.

“Our numbers are very encouraging and a good indication that our company’s investments and initiatives to diversify and grow other revenue streams are starting to gain traction,” CPG chief finance officer Ponciano Carreon Jr. said.

“A steady shift to our allied segments of affordable housing, leisure and tourism, and investment properties, in addition to the core real estate sales and income from property management, will continue to support CPG’s solid earnings recovery,” Carreon said. —VDS, GMA News