Century Properties net income up 35% in Q1

Antonio-led real estate developer Century Properties Group Inc. on Thursday reported a 35% increase in its first-quarter bottom line, which it attributed to revenue growth buoyed by its affordable residential unit.

In a regulatory filing, Century Properties said its consolidated net income after tax (NIAT) climbed to P410 million in the first quarter from P302 million the same period in 2023, as revenues increased by 7% to P3.6 billion from P3.3 billion.

Its First-Home Residential Development Platform (PHirst) reported P2.1 billion in revenues or 58% of the total, while its in-city vertical developments contributed 34% or P1.1 billion, and its commercial leasing segment 9% or P314 million. Its property management segment contributed 3% or P99 million.

“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first-quarter performance,” Century Properties chief finance officer Ponciano Carreon Jr. said.

“Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” he added.

Century Pacific counts as subsidiaries Century Communities Corp., Century City Development Corp., Century Limitless Corp., Century Properties Management Inc., PHirst Park Homes Inc., Century Destinations and Lifestyle Corp., and Century Nuliv Development Corp.

Shares in the company were last traded at P0.295 per share, up by P0.005 or 1.72% from Wednesday’s finish of P0.290. — BM, GMA Integrated News