Century Properties Group Inc. (CPG) posted a profit of P1.1 billion in the first nine months of the year, flat from P1.11 billion a year ago.
Revenues dropped 16 percent to P8.23 billion from P9.29 billion last year.
“The higher contributions of PHirst and leasing further improved the company’s gross profit margin at 37 percent for the period of January to September 2020, compared to 36 percent in the same period in 2019,” the company said.
Operating expenses fell 23 percent on cost reduction measures to streamline operations and selling expenses.
Ponciano Carreon Jr., CPG chief finance officer, said the company’s results for the period “are at better than expected levels, reflecting the well-timed mitigating measures.”
CPG closed the period with assets of P54.2 billion, up 1.5 percent from P53.4 billion in 2019.