Income of Century Properties Company, Inc. (CPG) grew 74% to P571.48 million in the third quarter owing to investment property gains and non-recurring losses reported in the previous year.
In the statement issued on Tuesday, the Antonio-led property developer said that its profit in the three-month span was stable at P3.71 billion , down 0.9% from P3.75 billion a year earlier.
However, P398.81 million had been gained, P43 million had been stripped out last year’s foreign exchange deficit, and interest and funding costs had been trimmed by 38% to lift the bottom line.
Compared to the previous year, CPG’s P3.71-billion third-quarter revenue rose more than double from P1.7 billion, backed primarily by real estate transactions and leasing revenues.
On a nine-month basis, CPG’s attributable net income is P1.03 billion , down 2% from the same period last year. Revenues were also 16 percent lower at P8.23 billion.
The group said that its profits were “higher than anticipated” after slipping from the previous year’s amount. Its high-margin companies increased 35 per cent year-on-year to record cumulative contributions of P1.99 billion , accounting for 25 per cent of overall sales.
“CPG is well placed to resolve market issues in this new normal and to move through this time while we prepare for new releases and begin to grow our business to our high-margin segments,” said CPG Chief Financial Officer Ponciano S. Carreon, Jr. in a release.
The business is increasingly growing its portfolio with a proposal to start a new 10-hectare affordable housing initiative in Pampanga this month.
It has recently extended its leasing office to a gross leasing area of 137,000 square feet, after purchasing a 40% stake of its joint venture partner at the Century Diamond Tower in Makati District.
It also aims to implement over 2,000 condominiums by mid-2021, accounting for developments in Quezon City and San Fernando, Pampanga.