Century Properties posts higher net income streams

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    Century Properties Group Inc. grew its profit in the first nine months of the year by 81 percent to P1.2 billion, from P661 million from last year.

    Revenues rose 36 percent to P9.8 billion, from P7.2 billion last year.

    As a result of its diversification into allied real estate segments, Century Properties reported higher net income streams not only from its in-city vertical developments but also from its affordable housing and commercial leasing businesses.

    The company said in-city vertical developments accounted for 65 percent at P773 million, affordable housing for 18 percent at P220 million, leasing for 14 percent at P166 million, and property management for 3 percent at P35 million.

    “We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy. We are continuously mindful of keeping our balance sheet robust and healthy and making our operations even more efficient,” said Ponciano Carreon Jr., Century Properties chief finance officer.

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