Century Properties Group Inc. said profit for the first quarter reached P290 million, down 21.15 percent from last year’s P367.81 million.
Revenues amounted to P2.8 billion, flat from last year’s P2.77 billion.
“The lion’s share of the net income comes from the combined contribution of affordable housing business and leasing portfolio. Leasing now stands at P173 million or 60 percent compared to just P55 million or 14 percent last year,” the company said.
Century Properties said profit contribution of urban vertical projects is down to 38 percent of the total profit from 84 percent share last year.
“The lower net income in the first quarter of 2020 was not totally unexpected considering the three major shocks during the period: the Taal eruption in January, the coronavirus pandemic declaration in February, and the enhanced community quarantine declared in March, coupled with the company’s beefing up its cash war chest,” the company said.
“We managed to sustain the level of our revenues with a more impressive mix with the affordable housing business and leasing portfolio now contributing a combined revenue of P817 million or 29 percent of the pie compared with just P200 million or 13 percent of revenues for the same period last year,” said Ponciano Carreon Jr., Century Properties chief finance officer.
Carreon said the company’s “strong 2019 performance and first quarter balance sheet” serve as “strong foundations for the group to adopt needed structural and operational adjustments and business flexibility amidst the current economic disruptions.”