Listed real estate developer Century Properties Group Inc. on Thursday reported income in the first three months of the year rising 35 percent to P410 million from year ago of P302 million on higher sales of its horizontal development projects.
Revenue grew 7 percent to P3.6 billion from P3.3 billion in Q1 2023, driven by robust and sustained contribution of CPG’s first-home residential development amounting to P2.1 billion or 58 percent of total revenue.
Its in-city vertical development and commercial leasing segments contributed 34 percent or P1.1 billion and 9 percent or P314 million, respectively. The balance came from its property management segment which contributed 3 percent or P99 million.
“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first quarter performance. Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” Ponciano S. Carreon Jr., chief financial officer, said.
Gross profit margin averaged 44 percent on sustained horizontal segment contribution as all business segments continued to show improved operating efficiencies.
The full redemption of its P3 billion fixed-rate retail bonds on 1 March resulted to a decrease in total liabilities and the sale of P2 billion preferred shares on 22 March increase its total equity.
“Our firm commitment to deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year performance. We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle,” Marco R. Antonio, president and CEO, said.
