Century Properties nets P541M

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    Century Properties Group Inc. reported a profit of P541.21 million in the first half of the year, down 29.89 percent from P772 million last year.

    Revenues dropped 25.16 percent to P4.52 billion, from P6.04 billion a year ago.

    “Of the P4.52 billion consolidated revenues for the first of half of 2020, the combined contributions of the horizontal affordable housing and commercial leasing businesses are now at P1.27 billion or 28 percent of total revenues, up from just 15 percent of the same period last year,” the company said.

    Century Properties said it has sustained the growth of its horizontal affordable housing and commercial leasing businesses, consistent with its strategy of “balancing its asset portfolio with in-city vertical developments and diversifying its revenue streams.”

    Gross profit margin improved to 40 percent from 38 percent in the previous year, the company added.

    “Despite the dip in the revenues and net income for the first half of 2020 of about 25 percent and 29 percent, respectively, the trajectories are well within the management’s expectations in view of the present market and business conditions amidst the prevailing pandemic and quarantine restrictions,” said Ponciano Carreon Jr., Century Properties chief finance officer and investor relations head.