Century Properties says Q1 net income up 10% to P501M

Century Properties Group Inc. posted a 10 percent jump in first quarter net income to P501 million from P454 million in the same period last year.

 

Total revenues grew by 5 percent to P2.6 billion from P2.5 billion int eh same comparable period, the developer noted in an e-mailed statement  Monday. Residential pre-sales amounted to P5.8 billion, up 10 percent from over P5.3 billion.

 

“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,” said Century Properties chief financial officer Carlo Antonio.

 

Gross margin in January to March was 44 percent from 42 percent, while operating margins increased to 19 percent from 17 percent.

 

As of March 31, 2013, cash, cash equivalents, and marketable securities were at P2.3 billion due to the P1.6-billion top-up placement in late March, the proceeds of which will be used for landbanking in key locations.

 

Century Properties distributed P184 million in dividends during the first quarter. — Danessa Rivera/VS, GMA News