Century Properties nets P1.1 billion in first nine months of 2020

Century Properties Group Inc. (CPG) saw a sustained net income in the first nine months of 2020 despite the challenges brought by the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange, CPG reported a net income of P1.104 billion in the January to September, slightly lower than P1.110 billion posted in the same period last year.

Revenues during the period stood at P8.23 billion, down 16% from P9.8 billion year-on-year.

CPG chief finance officer and head for Investor Relations Ponciano Carreon Jr. said that despite a dip in revenues at 16% for the first nine months of 2020, the company’s results for the period are at “better than expected levels,” reflecting the “well-timed mitigating measures that CPG’s professional management team had put in place to build robust liquidity, maintain a healthy balance sheet, and avert unfavorable business impacts given the present situation.”

Carreon attributed the stable earnings to the company’s prudent financial and liability management, as well as the digitization initiatives it accelerated for the various stages of the home buying journey which supported healthy sales despite eight months of community quarantine.

“CPG is well-positioned to take on the business challenges in this new normal and navigate through this period while we plan for new launches and continue with our business expansion into our high-margin segments,” he said.—AOL, GMA News