Century Properties Group Inc. (CPG) on Tuesday said its net income of P1.1 billion in January to September was flat compared with last year, as its affordable development and leasing segments supported its operations during the lockdown.
The company’s revenues, however, were still down for the period at P8.23 billion, a 15-percent decline from last year’s P9.79 billion.
Ponciano S. Carreon Jr., the company’s CFO and head for investor relations, said that despite a dip in revenues, the company’s results for the period are at “better-than-expected levels,” reflecting the well-timed mitigating measures that it had put in place to avert unfavorable business impacts given the present situation.
“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.
The company’s high-margin businesses posted combined contributions of 25 percent or P1.98 billion of its total revenues, 35 percent higher than P1.46 billion last year.
Out of the company’s net income, both segments saw a spike in combined contributions to 66 percent at 723 million versus 38 percent in the same period last year.
The higher contributions of Phirst Park, its unit for horizontal developments, and leasing further improved the company’s gross profit margin at 37 percent for the period of January to September, compared to 36 percent last year.
This month, Phirst Park will launch its newest project in Magalang, Pampanga. The 10-hectare Pampanga project, which will initially offer more than 500 house and lot units, will be its second community in the north after Pandi, Bulacan and the latest of seven projects after Tanza, Cavite; Lipa and Nasugbu in Batangas; and San Pablo and Calamba in Laguna.
As of September, the company has launched 8,251 units in 97 hectares and sold 6,645 units valued at P10.59 billion.
For the company’s in-city vertical developments, CPG is targeting the completion of more than 2,000 condominium units by the second quarter next year. This number covers 500 units at the Residences at Commonwealth in Quezon City by the end of the year as well as 1,600 units at the Residences at Azure North in San Fernando, Pampanga, until April 2021.
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